ESU11 – September E-Mini S&P (Last:1327.25)

The 1317.25 midpoint resistance that I drum-rolled here yesterday caught the intraday high within a single tick.  I hadn’t explicitly suggested shorting there — only using it as a benchmark to determine whether the E-Minis are feisty enough to keep rolling all the way up to 1382.25.  The jury’s still out on that one, but because DaBoyz appear to have shorts by the scrotum, I wouldn’t expect a merciful evening.  The pullback so far has been shallow, but in any event, I’ll hold to the criterion given here yesterday — that the September contract must close above 1317.25 for two consecutive days to signal an impending rampage.  Since Thursday’s settlement price was 1314.75, we’ll adopt a wait-and-see stance. _______ UPDATE (11:43 a.m. EDT):  The rampage looks unstoppable, the futures having pushed as high as 1328.00 so far today. Besides oblierating the 1317.25 midpoint resistance on a spike opening,  the rally has also exceeded the 1325.25 target of a lesser pattern that we focused on during last night’s installment of the Hidden Pivot Course.