ESH12 – March E-Mini S&P (Last:1271.25)

March E-Mini S&P (ESH12) price chart with targetsThe futures spent the day digesting Tuesday’s unwarranted gains, but we should expect them to continue higher because there’s nothing in the news that might have emboldened sellers. Although the 1280.00 peak of the short squeeze fell a few points shy of a Hidden Pivot target at 1283.00, a closer inspection reveals that it actually exceeded another target by a similar amount, negating any mildly bearish conclusions we might otherwise have drawn. Now, if buyers can push this windbag past the 1280.75 midpoint resistance shown in the chart, we should expect it to continue higher to at least 1298.50, the pattern’s ‘D’ target.  Camouflageurs will need to zoom down to the 15-minute chart, and to look for external peaks created January 3 on the way down, to ferret out an opportunity subtle enough for our purposes.