ESM09 – E-Mini S&P (Last:899.50)

were-the-es-to-exceedThe 892.75 target kept us properly bullish through thick and thin, but our focus should now shift higher, to a minimum 919.50, now that the first number has been turned into suet. This target is a fresh one and unadvertised, so by all means short it with a stop-loss as tight as three ticks (920.25) if it’s hit today. The target is shown in the accompanying chart, and it is particularly appealing for two reasons:  1) all of the coordinates are single-bar highs/lows on the daily chart; and, 2) point ‘B’ surpassed the 869.75 peak to-the-left (i.e., it is not a “sausage” B). Incidentally, I would gain new (albeit temporary) respect for this bear rally, driven though it is by imbeciles, if it were to exceed the two peaks labeled in red without a two-day pause on the daily chart.