Intraday highs and lows are tending to occur in the opening hour of each day, a pattern that has become so predictable that it’s bound to change. My guess is that one of these days, stocks will open weak and simply head lower. If so, the first place we might look for the E-Mini S&Ps to fall is to 2094.00. This would follow from Friday’s headless-chicken spasms having come close enough to the green line (see inset) to trip a ‘mechanical’ short there, stop 2150.00. The subsequent breach, by nine points, of the midpoint support also points lower. If this does not come to pass, we could infer that the futures are really, really confused, conflicted and unable to get out of their own way. Heaven forbid the election brings clarity to the markets.
