ESZ16 – December E-Mini S&P (Last:2165.25)

es-target-falls-a-hair-shyThe futures haven’t come this far since September 12’s bombed out lows only to recede without hitting new record highs. However, the 2182.50 target shown would leave them a hair shy of that threshold. Expect a stall at that Hidden Pivot, but probably not much of one.  The ease with which buyers push past it will tell us how eager they are to keep chugging higher. For starters, I’d use 2197.75, a resistance that is likely to prove more challenging than the heavy supply zone created by six weeks of tedious chop in August and early September. Incidentally, are you watching AMZN, as I had suggested? No way this bull is going to die as long as the megaretailer’s shares are on a wilding spree.