ESZ09

Yesterday's inebriated swan dive came within two ticks of a two-day downtrend's Day-Glo target (1040.50) on the hourly chart. The futures should go no lower than that Hidden Pivot support if bulls are to maintain the appearance of being in charge.  however, if they do slip lower, I'd put pivotry aside and use the 1025.50 low from August 13 as a minimum downside objective. Alternatively, a print at _____ Thursday night or early Friday morning would turn the one-minute chart bullish. 

The futures dove hard yesterday afternoon after rallying moderately. The Wall Street Journal was hard-pressed to explain it, but we know better, since  a purely technical target at 1074.50 that was proffered here very nearly marked the top. The decline may have jolted some traders, but in Hidden Pivot terms it achieved nothing of interest on the hourly chart. A print down at 1047.50 was needed to turn the hourly chart bearish, but panicky sellers could muster only 1055.25.  As of early Wednesday evening, there were no compelling spots to try bottom-fishing. A midpoint support at 1055.75 was too close to the intraday low,  although its 'd' sibling at _____ might be serviceable if you're bored enough to force the trade.

The update to yesterday's forecast caught the top of an entirely unremarkable session that was all noise and no conviction.  If and when this trading vehicle breaks out, look for confirmation of a _____ rally target by way of a stall at _____, its midpoint sibling. Alternatively, it would take a print at _____ to turn the hourly chart bearish.  

Putting aside the two targets in the stratosphere that I flagged here yesterday, there's a minor corrective one at 1052.25 that you could use for bottom-fishing with a stop-loss as tight as two ticks. Please note that it would take a print today at 1047.50 to turn the hourly chat bearish. ______ UPDATE (1061.25):  The stop-loss would need to have been at least four ticks, since the actual low occured at 1051.50. The subsequent bounce points to _____, subject to midpoint resistance at 1063.00, but neither number looks like it will be worth much for tradng purposes.

The futures have spent two days in what looks to be a tortuous consolidation, but they don't look ready yet for another surge higher. If and when they resume their suicidal climb, there are no targets above that look like bet-the-farm shorts.  However, the two that I find most compelling, both from the weekly chart, are _____ and _____.  Pivoteers will notice that that the summer selloff was not sufficient to give us a legitimate B-C pullback, since it did not equal the required 0.618 of k-A.

In after-hours trading, the futures appeared to be struggling to reach the _____ midpoint of a minor corrective pattern projecting as low as _____. Either of these Hidden Pivots can be bottom-fished with a stop-loss as tight as 1.00 point, but if the trend reverses Thursday night or Friday morning, hitting ____ before _____, bears had better get out of the way. My immediate target thereupon would be _____, but with a good shot at _____ if it's exceeded by more than 1.00 point.  [Note: The interpolated over/under numbers for the December contract are, respectively, _____ and _____.]