Technical Picture - Daily Ambush Short Has Triggered

In my last post we noted that the SPX daily ext. short had reached its 23.6% FE target at 1267.  From there we traded all the way back to the new ambush zone (same anchor1391, new low 1267).  We reversed midday following the disappointing Bernanke testimony.  The new target for the daily ext. short is 1238, however, from the 15 min. ES Emini futures chart below, we will be interested to see if futures bounce HWB long between 1296 and 1288 (ambush zone) on the June contract (Sept. contract values are a few points lower).  If these levels hold as support, we could form an inverse H&S bottom. Notice how these levels held and bounced numerous times on the way down.