ESU12 – September E-Mini S&P (Last:1435.75)

A 1470.00 target easily discernible on the daily chart continues to serve as a bullish lodestone, but notice that there’s a Hidden Pivot resistance of higher degree just above it, at 1480.50, on the weekly chart.  The larger pattern is clear and compelling, suggesting there will be double stopping power within the 10-point range shown.  Until it is reached our bias should be bullish, but don’t expect much in the way of camouflage buying opportunities, since the rally is in uncharted territory. We’ll look to short aggressively — via camouflage — if and when the futures get within pitching-wedge distance of our targets.