ESU11 – September E-Mini S&P (Last:1292.50)

September E-mini S&P (ESU11) price chart with targetsI’ll update Sunday night, since anything could happen, but as of Friday’s close the futures looked like they were developing thrust for  a push to a Hidden Pivot at 1307.50. That would be equivalent to a Dow rally of about 120 points, but it would not necessarily mean a blessed thing. The midpoint resistance lies at 1296.50, and the futures would become and odds-on bet to continue to the target if they can exceed that number by a point or more. ______ UPDATE (10:41 p.m. EDT):  With a political deal in place, things are going exactly as forecast.  The futures opened Sunday night on a short-squeeze gap through the 1296.50 midpoint, making a follow-through to at least 1307.50 a near-certainty.  The actual high so far tonight is 1309.50, equivalent to a Dow rally of about 140 points, but if the futures poke above last Thursday’s bull trap peak at 1313.00 they could put bears on the ropes for at least another day or two. Trading should be via camouflage only at this point, but it should be noted that tonight’s rally is NOT impulsive on the hourly chart, since it has not exceeded any external peaks.  Although I hesitate to describe this knee-jerk hysteria as weakness, the failure of the upthrust to get past 1313.00 on the first try tells me the rally is not likely to last.