ESM14 – June E-Mini S&P (Last:1856.00)

Coin-toss odds will obtain once again as the stock markets enter a presumptive seventh straight week of sideways tedium. My gut feeling is that even if this is a consolidation rather than a distribution, the rally that’s coming will go only as high as needed to trap bulls badly. That could require little more than a 30-40 point move above the old record highs — about as much as DaBoyz may be able to squeeze from shorts, given the unlikelihood of genuinely positive economic news. The chart (see inset) shows a 1933.50 target that we have considered before as a possible last gasp for the five-year-old bull market. The target looks just as compelling on the intraday charts — in this case, a 240-minute — as on the daily where we last considered it. Get free instant access to Rick’s Picks no credit card necessary by clicking here.