ESU14 – Sep E-Mini S&P (Last:1967.50)

Although we were raptly focused on an ostensibly important rally target at 1967.00 yesterday, it proved too challenging to hold onto a short position initiated at that price. A 1968.25 stop-loss survived for exactly an hour before the futures started to move higher again, resuming the tortuous, inch-by-inch short-squeeze that had characterized price action from the opening bell.  We determined to try again at the 1972.50 target of a lesser pattern; alas, the intraday high fell three ticks shy of it, and so we ended the day with no position. We have other targets to shoot at, and also the possibility of getting long on the way to them. Stay tuned to the chat room if you want to be alerted when opportunities develop in real time.