The futures were hovering just above a midpoint resistance when last week ended, presumably on course for a follow-through rally to the 2125.50 target shown. My minimum expectation is 2111.75, the p2 here, and it may offer a shorting opportunity, since this vehicle has struggled recently to reach D targets of various degree. _______ UPDATE (7:57 a.m. EDT): Once again, the E-Mini S&Ps have demonstrated that they are easily tradable using a ‘mechanical’ entry, especially at odd hours, and even if they remain extremely difficult to trade profitably during the regular daytime session. At 4 a.m. Eastern, they pulled back precisely to p=2098.00 of the pattern shown — and no lower — before rallying 10.75 points so far, to 2108.75. A mechanical buy at p would have required a 2090.00 stop-loss and partial profit-taking (still pending) at p2=2111.75. _______ UPDATE (May 4, 6:44 p.m.): No change. Yesterday’s rally stalled at p2=2111.75 as expected, leaving the 2125.50 target — still — as our minimum upside objective for the near term._______ UPDATE (May 5, 8:32 p.m.): I expect the downtrend to continue to at least 2065.50, with a possible bounce from 2077.75. Night owls can short a return to the 2090.25 pivot, stop 2098.50, but be advised that doing so ‘mechanically’ would subject you to theoretical risk of $412 per contract. Typically, we look to whittle down risk that large with a ‘camouflage’ entry. In practical terms, that would mean shorting the first downtrending abc pattern on a chart of leastmost degree once p is reached on a retracement.
