ESU16 – September E-Mini S&P (Last:2118.00)

As voters went to the pollsIt’ll be another six hours before all Brexit ballots are tallied, but Wall Street seems pretty certain at this hour that Britain will vote to remain in the EU.  If so, the 2137.50 rally target sent out last night (see inset) is where the futures are headed. The target could be hit overnight, meaning night owls could get long initially, then reverse their positions and go short at 2137.50.  There have already been precise hits at p and p2, respectively the pattern’s midpoint and secondary Hidden Pivots, confirming the target and shortening the odds of a tradable pullback from very near it.  If you are able to get long for the ride, use some of your profits to cushion a wider stop-loss for the short than you might otherwise deploy. Pivoteers may have noticed that the stall at p2, almost to-the-tick, occurred at the closing bell. Judging from the modest progress the futures have made above it in after-hours trading, the 2137.50 target — 29 points above at the moment — could be hit overnight, assuming the vote goes as expected.  A caveat:  If Ladbrokes and the world’s stock markets have somehow gotten this bet wrong, brace for an epic  avalanche on Friday.

  • mr June 23, 2016, 6:53 pm

    Looking for up to a forty dollar day for Russell TF – let’s see if they deliver 🙂