Eager as I am to short this ginned-up hoax-of-a-rally, I didn’t flag the ‘reverse ABC, counterintuitive’ sell signal for action on Friday because the bet would need to have been carried over the holiday weekend. You should stay tuned to the chat room nonetheless if you’re interested, since a spikier point ‘C’ high would give us better entry odds. For the time being, look for more downside to the 2887.75 midpoint Hidden Pivot of the pattern shown. I expect a bounce from very near it, although you’ll need to improvise your own strategy if you want to bottom-fish there. A five-tick stop-loss is as much as I’d give it. ________ UPDATE (Sep 4, 12:01 a.m. ET): The futures bounced from 2890.00, five ticks from the target given above. There was no mention of this in the trading room, however, and so I have assumed that interest in this vehicle is nil. For what it’s worth, ES appears to be under distribution at night on thin volume and mildly anxious short-covering.
ESU19 – Sep E-Mini S&P (Last:2907.00)