ESZ10 – E-Mini S&P (Last:1155.00)

E-mini S&P (ESZ10) price chart with targetsI didn’t even check my WSJ “crib sheet” to find out what supposedly caused yesterday’s rally.  Some unholy mixture of stupidity and greed, to be sure — with just a touch of evil.  Anyway, the rally has further to go — presumably to at least 1163.25, an up-to-the-minute Hidden Pivot derived from the pattern shown in the chart. I’d said earlier in the week that the pattern would need to develop a couple more days’ worth of symmetry before the futures ejaculated higher — and so they have, borne aloft by bears who evidently will never learn.  The target is short-able, although its obviousness, which comes from the lovely symmetry of the rally pattern itself, makes me a little nervous about laying ’em out with the usual penny-ante stop-loss. But use 1164.25 if you’re feeling lazy; otherwise, you should look for a subtle “camo” abc downturn on the 3-minute chart to get you aboard.