ESH10 – E-Mini S&P (Last:1124.25)

Absent real buying interest or even much of the artificial kind that comes from short covering, the futures have managed to plod higher nonetheless, magnetically drawn toward a compelling target we’ve been using at 1137.25. On Thursday, the pullback we might have used to buy on a dip did not quite make it down to our bid, which had been placed at a Hidden Pivot resistance that is now  support. As a result of yesterday’s price action, we also have a lesser rally target at 1133.25 and its sibling midpoint at 1124.25. That last number was resisting the uptrend as of around 6 p.m. EST, but if and when it gives way, the remaining nine points to 1133.25 should come easily. The 1133.25 resistance does not negate the more important one at 1137.25; indeed, it looks as though it could work precisely enough to allow scalpers to attempt a short there with a stop-loss as tight as 1134.25.