ESM12 – June E-Mini S&P (Last:1370.75)

June E-Mini S&P (ESM12) price chart with targetsBy day’s end the futures had surpassed all of the immediate ‘external’ peaks on the hourly chart, signaling their intention of moving still higher into week’s end. DaBoyz will face a pocket of supply just above, in the range 1390-1397 where some distribution took place last week. However, if They are serious about scaring hell out of bears, setting the stage for a short-squeeze start to next week, they’ll go all-out to close this cinder block near 1415.00 where there’s some serious supply from late March/early April. ______ UPDATE (2:05 p.m. EDT): The effort peaked overnight at 1388.50, a tad beneath the 1390 supply threshold noted above.  The moderate selloff that ensued has done little technical damage. Indeed, the futures would need to fall all the way to 1332.50 before the weakness begins to look menacing.