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The Yellow Flag Is Out

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I’ve unfurled the yellow flag, since the E-Mini S&Ps died Thursday a tad shy of a Hidden Pivot rally target I’d drum-rolled at 2171.75. A feeble rally overnight missed hitting this minor benchmark by just 1.75 points, but that’s significant considering how clear the target was. Adding to the bearishness of the short-term picture is the agonizing, five-day struggle of buyers to make their way toward an ostensibly easy target. For a graphic picture to help you assess the extent of any further weakness that develops overnight, check out the chart accompanying the current E-Mini S&P tout.  Don’t subscribe?  Click here for a free trial subscription that includes access to all  Rick’s Picks  features, including a 24/7 chat room that draws veteran traders from around the world.

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