E-Mini S&P

A print at 1683.20 (see inset) is where bulls would come back to life, but otherwise we should expect the August futures to continue lower over the near term, testing the Hidden Pivot support at 1469.40 shown in the chart.  More immediately -- and less ambitiously -- it would take a print at 1589.90 to get the week off to a promising start, turning the 30-minute chart bullish.

The futures have looped over to set up the possible buying opportunity described in Friday's tout, but it feels too pat to me to be worth much to traders Sunday night. Da Boyz have taken the futures down to within inches of Friday's lows, and unless some shard of horrific news emboldens them to break the support and shake down panicky sellers, odds at the moment seem to favor a short squeeze more than a washout. Still, if the downdraft comes and the 'C' high at 1331.75 is still intact, you could do worse than try bottom-fishing the 1314.00 'p' of the pattern shown. Since that's precisely equal to an 'external' low from June 14, camouflage is recommended.  One last tip: Be on guard for a marginal breach of 1314.00, a running of stops, and then a trampoline bounce from the ostensible danger zone.  If the bounce doesn't come, though, we'd be looking at a likely plunge to its 'D' sibling, 1296.25.

There's no gainsaying the bearish power of yesterday's impulsive thrust, which breached no fewer than three 'external' lows and one 'internal' without pausing for breath. A rally from the 1317.50 low could loop over in b-c fashion and provide us with a tradable 'p' support, but as of Thursday night no compelling pattern had developed that could conceivably benefit night owls.

With a 1378.25 rally target, our trading bias is bullish for the moment.  Most immediately, that would imply bottom-fishing at the 1344.75 corrective target shown. Camouflage is the preferred means of entry as always, but in this case a straight bid tied to a 1343.75 stop-loss will suffice.  The trade could ripen soon enough to liven the wee hours for night owls.  A completion of the down-pattern to 'D' must be regarded as likely because of the decisive penetration of the 'p' support earlier this evening. _______ UPDATE (2:57 a.m. EDT): Cancel the trade.  Although the 1344.75 target is still valid in theory, the lazy drift of the c-d leg has bent it too far out of shape to be appealing.

A 1378.25 rally target is an old friend by now -- my minimum upside projection for perhaps the next 3-5 days. The move has already exceeded the 1337.75 midpoint by a mile (i.e., 10 points), so any pullback to that number is implicitly a "buy" via camouflage.  More immediately, night owls could try bottom-fishing at the p midpoint of the still-developing pattern shown in brown. However, because there are three conceivable 'A' highs, a camouflage entry is a must.

Index futures have begun Sunday evening with a spongy reaction to the supposedly momentous vote in Greece -- as though Wall Street were more interested in, say, the Sandusky trial than the financial future of Europe. The short-squeeze high for the move so far, as of around 8 p.m. EDT, is 1347.50 -- equivalent to a Dow thrust of about 90 points. However, DaBoyz will need to goose this vehicle above May 10's peak at 1356.75 to generate an impulse leg of daily-chart degree (see inset). None of this affects the viability of the 1378.25 rally target given here earlier, however. It can still be used a a minimum upside objective for this week, although I might have expected it to be in-the-bag by Sunday night.

I hauled out the 240-minute chart to see how high, really, this hoax could go, and the answer is a hard-to-believe 1378.25, the 'D' target of the pattern shown.  This implies a Dow Industrials rally of more than 400 points. Still, we shouldn't underestimate the ability of the spinmeisters to put plenty of lipstick on whatever pig emerges from elections about to be held in France and Greece.  If the results trigger something like eurobailout mania, short-squeezing this vehicle above the midpoint resistance at 1337.75 Sunday might, we may infer that more upside awaits, presumably to the hard-to-believe target.  Camouflageurs should make ready to buy-stop their way aboard if a quick b-c pullback ensues on the 2-minute chart following a marginal upside penetration of 1337.75.

The futures ended the day with an impulsively bullish thrust on the hourly chart that night owls may be able to leverage. The approach called for is perhaps the opposite of a 'timed' buy-stop, since the waiting game will take place before we get long rather than after.  In this case, I'll suggest waiting for a very minor, uptrending abc pattern after 'X' has been triggered relative to the larger pattern shown.  Essentially, along the route of B-C, you will be looking for impulse legs on charts of 3-minute-degree or less.  The later the signal occurs Tuesday night, the more likely your success, since we are always favored when our competitors have grown bored and inattentive to opportunity.  Like to learn how to reduce the risk of a trade using the Hidden Pivot Method? Click here.

Still-lower prices appear likely, since yesterday's plunge not only exceeded the clear 'D' target shown, it has also impulsed beneath Friday's low in after-hours trading.  Add in the fact that the obligatory running of the stops following the breach of the low is not producing much of a rally, and one could infer that the underlying weakness is profound.  Pivoteers are encouraged to short -- using a microtight stop-loss --  the 'd' target of  any rally that plays out well on the 5-minute chart; or to short a 'p' using camouflage. _______ UPDATE (11:30 a.m. EDT): An hour into the session, in the space of two 30-minute bars, the futures have rallied sharply, impelled by who-knows-what news. The so-far high is 1314.00, but it'll take 1319.50 -- equivalent  to a Dow rally of about 160 points from this morning's lows -- to turn the hourly chart impulsively bullish. To trade this already overextended move via camouflage, you'll need to zoom all the way down to the two-minute chart -- the first place where single-bar highs and lows are available --  initiating via a timed buy-stop.