ESU18 – Sep E-Mini S&P (Last:2875.50)

The 3004.50 target shown is my minimum upside projection for the near-to-intermediate term. It equates to a 1000-point Dow rally to around 27000. The daily chart suggests it could take 5-6 weeks for the futures to get there; however, a blowoff-style finale to the bull leg begun in April could shorten the process by a couple of weeks. To get long, I’ll suggest a ‘mechanical’ bid at p2=2888.06, stop 2849.25. We haven’t use a p2 entry for this type of trade in a while, but it will require the futures to meander sideways for at least another 3-4 days. If things play out that way, I’ll signal the entry toward week’s end. If the rally lurches into high gear with no pause, we’ll reconsider the trade, substituting a ‘camouflage’ set-up as warranted._______ UPDATE (Sep 6, 6:33 p.m.): With the futures falling, we’ll put aside the 3004.50 rally target and focus for now on a downtrend that points most immediately to 2870.50Here’s the chart to guide you if you trade this vehicle. _______ UPDATE (Sep 6, 11:05 p.m.): Bears tried all day to push the futures below the 2870.50 Hidden Pivot support flagged in my last update, but the best they could muster was 2868.00. We’ll spectate for a day, since there’s little point in predicting a coin toss.