ESU17 – Sep E-Mini S&P (Last:2462.50)

A bottom-fishing trade that we looked at during this morning’s weekly tutorial session failed to ripen, but the futures went on to replicate the opportunity in a somewhat different form. Specifically, and for night owls in particular, I’ll recommend placing a bid for two contracts at 2456.25, stop 2455.50. You’ll be on your own if the order fills. You could also try a ‘counterintuitive’ entry, provided the futures make a ‘C’ low in the range  2456.00-2456.75.  Please note, however, that a moderate appealing ‘CI’ trade has already tripped at 2460.75. If it were to reach p= 2463.75, that would negate the trades suggested above. ________ UPDATE (Sep 7, 12:26 p.m.): Close but no cigar.  The futures bottomed overnight at 2457.50, stranding our 2456.25 bid before embarking on an 11-point rally. Do nothing further for now.