Friday’s mildly refreshing death dive failed to develop sufficient momentum to reach the ‘d’ correction target at 5965.25. All that sellers could muster was a close a few points above the intraday low at 6024.50. Why were bears unable to finish the job? Probably because they’re worried about colliding with buy-the-dips maniacs hellbent on running stocks back up the old wazoo, is why. They are all but certain to achieve the target on Monday, however, given the way they sliced through the midpoint Hidden Pivot support at 6065.88 like a torch through styrofoam. You can bottom-fish the target ‘counterintuitively’ if you know how to fashion a reverse-pattern trigger borrowed from the 5-minute chart. If you don’t, just ask. _______ UPDATE (Feb 25, 5:14 p.m. EST): Despite the usual idiots and psychotics buying today’s dip, the weakness did heavy technical damage when it crushed my 5965.25 minimum downside target (which I reaffirmed on Friday, even as the little hoax opened with a 35-point overnight gain). The next opportunity ES will have to turn around lies at 5872.25. If this voodoo number, unknown outside of Rick’s Picks, provides no bounce, bulls will have one more reason to worry.
ESH25 – March E-Mini S&Ps (Last:5979.75.75)
