ESM09 – E-Mini S&P (Last:842.25)

There was nothing the least bit impressive about yesterday’s upthrusts, although shorts should be wary of bullish seasonality ahead of the long holiday weekend.  At the bell, the futures looked bound for 833.75, just eight points above current levels as of 11:15 p.m., but it would take two more ticks — i.e., a print at 834.25 – to refresh the minor bull trend on the hourly chart.  Above that threshold is a more important resistance at 836.75. That’s the Hidden Pivot midpoint of a bull pattern begun from 779.00 on April 1, and we’ll stipulate that the futures close above it for two consecutive days before we infer that a rally to its sibling target at 871.25 is under way. Alternatively, if the June contract falls overnight without having exceeded 828.75 to the upside, you could bottom-fish at 813.25 with a stop-loss as tight as two ticks.  _______ UPDATE (9:05 a.m.): 25 minutes before the opening, the futures were in a vicious short-squeeze, bound for the 871.25 target noted above. Forget the two-day close above 836.75, since this midpoint resistance has been thoroughly compromised.

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