After assuming no one caught yesterday’s low because it was so many hours in coming, I heard from an intrepid subscriber who said he bought 1124.70 yesterday and hung on after it survived a 1423.50 stop-loss by a single tick. His stop was a bit wider than I might have advised, and that’s why I am not tracking the trade as an “official” position. However, and for what it’s worth, he said he hung with the trade — is still hanging with the trade — because it offers a low-risk shot at a big move to $1600+. Indeed. More immediately, and from a Hidden Pivot perspective, I’ll suggest raising the minimum upside target by a few ticks, to 1459.40, a target whose provenance is shown in the accompanying chart. The futures have already trashed its sibling midpoint resistance at 1436.90, dispelling all but the smallest doubts about a follow-through to 1459.40, but it will probably take a close above the 1441.20 midpoint of a lesser pattern to end the inertia of the last week. Trading note: Night owls can try bottom-fishing at 1419.60, stop 1419.20, if a so-far supportive midpoint at 1425.70 gets knocked down.
