I’ve switched to the August contract, which from a technical standpoint is identical to the June. The 1314.50 target on the new chart is several dollars higher, but as is the case with the June contract, the ‘D’ target is looking like an increasingly good bet to be reached over the next 2-3 weeks. The odds shortened a tad on Friday with bulls’ decisive push past the 1266.20 midpoint Hidden Pivot resistance. The near-term outlook would have grown even more bullish had the rally surpassed the ‘external’ peak at 1273.10 recorded on May that I’ve labeled in the chart. Like the June futures, however, the Auggies missed this threshold by just a few ticks, so we’ll need to cross our fingers on Sunday night and hope for the modest follow-through that would get the job done. Sunday night-owls take note: The 1273.10 peak, along with several others to the left of it, could prove useful for setting up a low-risk ‘camouflage’ entry trigger for a shot at p2=1290.30 or higher. ______ UPDATE (May 30, 8:15 p.m.): See my 10:16 post in the chat room concerning a ‘counterintuitive’ entry. At this hour, 1256.20 (5/26 at 2:00 a.m.) looks like a promising point A to use. _______ UPDATE (May 31, 7:29 p.m.): The futures traded no lower than 1262.00 on Thursday, but some subscribers got long anyway based on the bullish outlook detailed above. I’m not establishing a tracking position because the trades did not conform to my recommendation. However, the nearest rally target, a minor one, lies at 1279.00. Use it as a minimum upside projection for now, but please note that an easy move past it would indicate more upside over the near term. If the rally were to exceed 1282.90, that would be especially bullish.
