ESU12 – September E-Mini S&P (Last:1346.75)

A slightly altered picture (see inset) has brought a crucial midpoint resistance down a point to 1353.00, but the implication is the same: If it is exceeded on a closing basis, the futures will be signaling an imminent surge to as high as 1386.25, its ‘D’ sibling. Please note that Friday’s stall precisely at p confirms the target itself as well as the likelihood of its being reached if and when p has been decisively bettered.  ______ UPDATE (July 16, 7:44 p.m. EDT): No change. It’ll still take a close above 1353.00 to trigger off another big rally.