Wonder of wonders, the futures have accomplished Wednesday evening what they were unable to do all day — i.e., break out to new highs above the 2106.25 target that I’d flagged the night before. They’d head-butted that Hidden Pivot resistance for the entire day, stuck in a constipated range. To break free required a shakedown 90 minutes before the final bell that dried up selling. Once that had been accomplished, DaBoyz had their launching pad for a short squeeze that is continuing as I write these words.
I still have my doubts the rally will achieve new record highs. Regardless, we should look to intercept it with a short at 2119.25, where a trendline shown here yesterday comes in. Initiating the trade via ‘camouflage’ is recommended — and don’t hesitate to ask in the chat room if you need guidance. I mentioned during Wednesday’s tutorial session that we shouldn’t be surprised to see the futures hit the target nanoseconds before the final bell. But don’t let that stop you from taking a small short position home overnight, provided you are able to monitor it and exit if necessary. There is no Greek news left to catalyze a short-squeeze, so stocks should be viewed as wafting higher on fumes and zero bullish buying interest. A delicate uptrend, to be sure. ______ UPDATE (July 16, 12:19 p.m.): The futures topped at 2118.75, two ticks from my target. Let’s keep our fingers crossed.