Close, but no cigar. The futures slithered their way up to 2110.25 today, but I expect them to push into the range 2114.25 – 2117.25 before they pull back. Since bottoming in August, the E-Minis have shredded their way past most of the supply that accumulated during the first eight months of this year. However, bulls have yet to tackle any significant prior peaks. The first of them lies at 2118.50, recorded on July 20, and it is likely to backstop my Hidden Pivot target at 2114.25 with additional stopping power. I’m recommending getting short within the target range only to traders who have made money on the way up. You”ll need a stop-loss no narrower than 2119.00 regardless.
