ESZ18 – DEC E-Mini S&P (Last:2646.75)

Although the futures have been falling hard, the weakness has been punctuated by upward spasms that have made staying short practically impossible. The bearish, 2624.75 target shown, which lies about 70 points below, looks like a good bet to be achieved over the next day or two. But I am not suggesting a mechanical short on a rally to the green line because of the choppy price action of the A-B leg. More appealing would be a ‘counterintuitive’ buying set-up from near the 2603.00 low that occurred on October 29. Stay tuned to the chat room if you care.______ UPDATE (Nov 20, 9:35 p.m.): The low of today’s 60-point plunge brought the futures to within seven points of the 2624.75 Hidden Pivot target proffered above. It remains viable, but if buyers can push this brick above 2683.50 intraday, that would raise the odds we’ve seen an important turn. Here’s the chart.