ESM10 – June E-Mini S&P (Last:1099.50)

Short-squeeze mania was at its most powerful yesterday, pumped to-the-max ahead of the three-day holiday weekend.  The hysteria pushed the futures somewhat above a 1098.75 midpoint pivot that we were using as a minimum correction target.  The actual high so far has been 1104.00 — an overshoot sufficient to imply that buyers are likely to dominate once again today.  Even so, the very difficulty of getting short on a Friday preceding Memorial Day compels us to try. I’d suggest using camouflage patterns on the three-minute chart to do so, although the one-size-fits-all solution would be to buy a put-option “lottery ticket” at the closing bell if the broad averages are at or near their intraday highs. This should not be done in size, since it is a pure speculation, presumably unsupported Hidden Pivot factors.