ESU10 – September E-Mini S&P (Last:1078.00)

September E-mini S&P (ESU10) price chart with targetsBy pushing above a prior peak at 1080.25 that I’d noted here yesterday, the futures created a robustly bullish impulse leg of daily-chart degree that is likely to have positive implications beyond the Labor Day holiday. The outlook would grow still more bullish if the rally were to exceed a third peak at 1098.50 either today or tomorrow.  Alternatively, sellers would have to push this vehicle down to 1013.25(!), exceeding a low from July 6, to negate the bullishness of yesterday’s move.  The best “camouflaged” entry opportunity I can foresee at the moment (i.e., around 12:53 a.m. EDT Thursday) would trigger at 1079.25, based on the pattern shown in the chart, and the odds would be best if this occurs overnight. The midpoint resistance lies at 1081.00, and longs from just below it could breathe a sigh of relief if it’s exceeded, since that would imply an easy ride to the ‘D’ target at 1084.75 _______ UPDATE 1:13 a.m.):  Just to be annoying, the little scuzball has made a lower point ‘C’, changing the entry trigger to 1078.25 and the midpoint resistance to 1080.00. You’ll be on your own if this little cat-and-mouse game continues into the night. _______ Further UPDATE (9:39 a.m. EDT):  Entry at the new trigger point would have produced a low-stress trade, since the futures went on to achieve 1084.75. As a practical matter, however, the trade would have been less than ideal because the point ‘C’ low of the pattern was formed from multiple bars, not the single one that I (much) prefer.