If you look at the weekly chart of the E-Mini S&P (see inset), you may get the feeling that it could take another week or two for this fatted-pig-of-a-market to roll over. Although last week’s high fell inches shy of the 1664.25 target where I’d suggested getting short, the Sunday night sleazeballs have pushed the futures just north of it to a so-far high (as of around midnight EDT) of 1165.75. I cannot tell at the moment whether this is simply the best They can do for purposes of distribution, or whether it is in fact the beginning of a short-squeeze that will have bears on the run as the new week begins.

Whatever the case, it doesn’t necessarily mean this vehicle can’t be shorted — only that if you attempt it, you should do so via camouflage in order to mitigate the special risks of opposing the trend.  Please note, however, that from a Hidden Pivot perspective, the September contract could get as high as 1742.50 if it gets past the 1687.00 midpoint resistance this week. The pattern I’ve used to project that target is not ideal because the dinky little point ‘A’ is too far above the visually obvious one; however, both p and D would be short-able if they beget downside reactions with the kind of abc we like.