ESM10 – June E-Mini S&P (Last:1133.00)

The 25-point short-squeeze that ended an otherwise tedious day still fell five points shy of meaningfulness on the lowly five-minute chart, since that’s what it would have taken to create a bullish impulse leg worth mentioning.  Now let’s hope the bulls are not getting their hopes too high — or rather that they are, since that’s about the only thing that can ultimately bring prices back in line with reality. Regardless of what happens, yesterday’s price action left me with no good handholds for a confident forecast for today, so I won’t even try.  The 1098.75 midpoint support is perhaps the best number we’ve got at the moment.