ESU09 – E-Mini S&P (Last:946.50)

The futures are close to bumping into something solid -- i.e., a series of highs recorded in early June that were once fancied to be the "head" of yet one more worthless head-and-shoulder pattern. Hidden Pivots aside, my hunch is that rallies do not shred shorts with the vocaciousnesss of this one, only to fail at some marquee resistance like last month's peaks.  Whatever happens will be easily scalp-able on the lesser charts, I am sure, but there will not likely be a way to comfortably ride whatever trend, if any, develops from these levels. If it is to create a potent impulse leg on the daily chart, however, the key look-to-the-left peak that must be surpassed lies at ______, just a speck on the chart....

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