The futures were noodling aloft a short while ago, allowing DaBoyz to milk an after-hours, distributive rally for all it was worth. Lo, DaDirtballs have just pulled the plug, allowing the E-Minis to fall the equivalent of about 130 Dow points in mere minutes. What gives? There is nothing on Bloomberg.com to indicate financial or geopolitical mayhem, but something assuredly is going on. Unfortunately, the cause is known at this moment only to those who pay for their information rather than get it ‘free’ on the Internet. In any event, the Hidden Pivot target at 2863.00 shown in the chart can serve as a minimum downside objective for the time being. Its decisive breach would suggest more weakness to come.
ESM19 – June E-Mini S&P (Last:2871.50)