The weekly chart featured here on Friday suggested a high-probability low, potentially a major one, at exactly 1035.70. However, buyers have intervened to resuscitate a lesser, bullish pattern that I’d nearly given up for dead. The selling had abated on Thursday just shy of breaching the point ‘a’ low of our uptrend, and the subsequent rally to end the week tripped a ‘counterintuitive’ buy signal at 1057.53 that would have netted a quick gain of $1100. There’s still more than $20 of upside potential if the futures achieve the 1089.70 target shown. Look to get aboard via a ‘mechanical’ bid at p=1068.25 once this pivot has been exceeded by at least 3.00 points. _______ UPDATE (8:50 a.m. EST): A dip to 1066.30 at 8:05 a.m. tripped a mechanical ‘buy’ at that price, confirmed by a trade report in the chat room. Accordingly, I’m establishing a tracking position consisting of four contracts. Exit two of them now at around 1073.20, then offer another at p2=1078.97. The offer should be held o-c-o with a 1066.20 stop-loss on the two contracts that will remain following the sale of two at current levels. _______ UPDATE (10:43 a.m.): Exiting two contracts as suggested above would leave two contracts with an effective cost basis of 1058.20. Now you should be out of a third contract, since p2=1079.00 was just hit (per my chat room instruction at 9:27). That leaves one contact with an adjusted cost basis of 1048.20. With such a fat cushion, we can relax and swing away now: minimum objective is D=1089.75, but we won’t exit there, we’ll simply modify the stop-loss. For now, make it ‘impulsive’, based on the 60-minute chart. That implies you would exit the position on a print today or tonight at 1063.00 for a theoretical profit of $1500 per contract.
