ESM09 – E-Mini S&P (Last:892.25)

Shortly before midnight, the futures were struggling mightily to achieve a minor Hidden Pivot target not far below at 884.00 If they succeed at this dubious task it would effectively transform the last three days’ price action into noise, adding to a larger picture of gratuitous ups and downs  that extends back to early May. To suggest that something more might be occurring or about to occur, we’d need to see a print today below 862.50, since that would create an unsubtle impulse leg on the hourly chart. Failing that, the June contract will remain a challenge to day traders alone, full of sound and fury, but signifying nothing. In the unlikely event this vehicle turns higher into week’s end with a vengeance, our maximum permissible high would be 942.25