ESU10 – September E-Mini S&P (Last:1118.00)

September E-Mini S&P (ESU10) price chart with targetsI benchmarked a couple of Hidden Pivot resistance points earlier, but they should be put out of mind for now, since the futures spent all of last week failing to knock off a manifestly more important resistance peak at 1129.50 recorded on June  20. Late Sunday night they created a bullish impulse leg on the 5-minute chart, with an implied ‘C’ entry at 1118.25.and an 1116.25 stop-loss. This seems too risky to jump on, although there was potential for lesser patterns to develop on the same chart with commensurately lower risk of as little as three ticks. (In the accompanying chart, I’ve illustrated one way this could play out.)