ESM14 – June E-Mini S&P (Last:1860.00)

When the dust settled yesterday, the futures had chopped their way to the exact middle of the gratuitous range they’ve carved out over the last month or so.  Traders looking to chase boredom should consider flipping a coin to determine which side of the bet to take next.  However, if someone were to put a gun to my head and ask me to predict where the next significant move will go, I’d say to the 1830.25 target shown. The futures would first have to take out the 1847.25 midpoint pivot (the red line) without having first exceeded ‘C’ to the upside.  Were that to occur, you could bottom-fish at 1830.25 with a stop-loss as tight as two ticks. Alternatively, an upthrust exceeding the 1866.00 would put bulls back in charge, at least for a while and even though they might not get very far.