The futures notched a new record high on Wednesday, a feat that went largely unnoticed because the S&P 500 cash index fell well shy of the old mark from last July. Although I’ve been warning bears for weeks to get out of the way, there’s no percentage in going out on a limb right now with predictions of fabulous new highs, or perhaps more logically, a stunning collapse. We’re in uncharted water, which paradoxically will make it easier to project potentially tradable Hidden Pivot targets. That’s because there are no previous highs to the left on the ES charts to draw the attention of other traders and technicians. Accordingly, subscribers should use p, p2 and D (see inset) to place their bets. In a plausible sequence, that might mean: 1) getting long ‘mechanically’ on a pullback to p; 2) getting long with ‘camouflage’ at current levels for a push to p2 or D; 3) getting long ‘mechanically’ on a pullback to p2 after it has been decisively exceeded; and/or 4) exiting at D and getting short there with a tight stop. As always, the best place to seek guidance in real time will be in the chat room. _______ UPDATE (April 22, 12:59 a.m. ET): If you used option #1 to get long, deploy a 2063.75 stop-loss and hold the position using a price objective of 2139.50. If you have more than one contract, take a partial profit at p=2111.00.
