ESZ11 – December Mini S&P (Last:1134.50)

December Mini S&P (ESZ11) price chart with targetsThe rally was blithely on its way to 1153.75, a Hidden Pivot, when the bell rang ending Wednesday’s regular session. The pattern yielding that target, along with an 1130.25 midpoint resistance, is shown in the chart. As you can see, buyers had little trouble chomping through the midpoint, and so far this evening a presumptive consolidation has not even come down to it. Night owls might want to notice that the last seven bars yield a potentially tradable pattern — an uptrending ABC that has yet to put in a true ‘C’.  An entry at ‘X’ would entail too much risk, but you may be able to find a small pattern if and when the still undetermined ‘X’ of the pattern shown materializes. Looking at a bigger picture, any rally would start to look interesting with a print at 1204.00, a tick above a peak recorded September 21 on the way down.  The peak is most unlikely to be reached within a day or two, even on a strong rally, but you should keep it in mind as an important bullish trigger threshold.