Fueled by Trump’s rejection of the global climate accord, the futures were closing fast Thursday night on a potentially important target at 2439.00 that has been in play since March 28. It is short-able with a stop-loss as tight as 2340.10 (or via camouflage if you want to better your odds), especially if you’ve been long for the ride up, but if the stop is demolished we should infer that more upside impends, presumably to at least 2455.50. That target is derived using a lower point ‘A’ at 2259.50 (2/2). Both targets are sufficiently clear and compelling that I’d be surprised if the uptrend blows past either without at least a scalp-able pullback. _______ UPDATE (June 2, 10:12 a.m. EDT): The futures have fallen 10 points so far after topping at 2437.25 this morning. The 2439.00 target served us well in recent weeks, keeping us on the right side of the trend and providing a precise exit point for any long positions. If you did not get short when this vehicle topped earlier today, I wouldn’t recommend trying it on a second pass. Anyone who did get short should let me know in the chat room, since I will establish a tracking position if I hear from two or more subscribers who took positions.
