I’m just about analzyed-out after yesterday’s four-hour open house. The E-Mini S&Ps were especially tiresome, since I had miscalculated the rally target by two ticks.  I gave a 1085.50 objective during the session, only to discover near day’s end that the actual target should have been given as 1086.00. This made a crucial difference — at least, initially it did — since, according to our custom, a 1085.50 objective would have required a 1086.25 stop-loss; whereas a short from 1086.00 would have required 1087.25.  What a relief it was, then, when the futures poked their rabies-infested snout up to 1087.75 in the closing seconds of the day, hypothetically stopping out any shorts from the higher number.  I don’t think I could have gone on living if the futures had plummeted on Friday’s opening without ever having gotten above 1087.  That would mean I’d have missed shorting the top we’ve been looking for so obsessively because of a calculator error (whose cause remains undetermined).

And now, what can we expect for Friday?  As I mentioned in today’s commentary, the futures looked too feisty at day’s end to suggest they’ve exhausted buyers at 1087.75.  Also, the pattern from which the 1086.00 target was derived was so absolutely picture-perfect (see chart) that I doubt the target would have been exceeded, even by a tick, unless the futures were indeed headed higher.  For that reason, we should use the 1092.50 target shown in the chart to get short with a 1093.25 stop. (“If at first you don’t succeed…”). One final note:  It is of course more lucrative to get long ahead of the rallies than to continually and serially try to impede the speeding freight train.  In the context of the current rally, which, in nearly-untradable fashion, has been gathering momentum overnight and gapping higher on the opening, the best way to get aboard is to simply jump on the first up-trending abc that occurs on the one- or three-minute chart. _______ UPDATE (12:26 p.m. EDT):  For the September contract, here is a fresh and timely guidance:  This morning’s opening-bar short squeeze has missed a 1086.25 target by 1.75 points, but DaBoyz appear to be mustering for a second try. The consolidation has gone on for nearly long enough, however, that They might try for something more ambitious — i.e., the 1106.50 target that comes from the coordinates A=1047.25 (june 9), B=1083.50, C=1070.25.  Please note that a final dip beneath this morning’s so far low, 1070.25, would lower the target by creating a new point ‘C’, but it would not negate the ambitiousness  and menacing look of the rally itself, which comes from the fact of its having exceeded (on the hourly chart) the look-to-the-left peak at 1083.50 recorded June 6 on the way down.