Stocks supposedly got a little lift from whatever it was Yellen said, but it wasn’t much. Even so, the E-Mini S&Ps remain on-track for an ascent to the 2250.00 target shown. Keep in mind that there is a 2040.50 target as well, a Hidden Pivot resistance associated with a bullish ABC pattern of much larger degree. Taken together, the two levels should offer daunting resistance, even if the futures will by then be trading in the thin air of record highs. Traders who are still on the sidelines can use a pullback to the green line, stop 2147.50, to get long ‘mechanically’ for a shot at 2250.00. However, substituting a ‘camouflage’-type entry is the best way to reduce by as much as 90% the implied initial risk of $1300 per contract. _______ UPDATE (Nov 20, 10:24 pm. EST): The futures have been rising with a slope so subtle over the last six sessions that it doesn’t deserve to be called a rally. If they were to fall by 20-30 points this week, my gut feeling is that this would be a buying opportunity. Whatever the case, it feels like something’s got to give — whether up or down — over the next few days.
