It will be most useful for the time being to step back from the hourly chart and consider the implications of a further, moderate fall in the June ES to 2699.31. That would trip an enticing ‘counterintuitive’ short and put p=2572.88 in play as a minimum downside objective. The foregoing is all theoretical at this point, but my gut feeling is that it is what we are about to see. The trade’s initial risk of $6300 per contract argues for another approach, but we’ll consider the opportunity if and when it arises. For now, however, the yellow flag is out and your trading bias should be bearish. _______ UPDATE (Mar 11, 3:43 p.m.): The futures have gone sharply the ‘wrong’ way, tripping a counterintuitive buy signal at 2749 that projects to 2819. Consider the target a lock-up if a secondary Hidden Pivot at 2796 doesn’t stop buyers. _______ UPDATE (Mar 13, 8:40 p.m.): Short-covering drove the futures seven points past the 2819 target provided above. This has put the 2866.25 Hidden Pivot resistance shown here in play as a minimum upside projection for the near term.
