The futures looked torqued at Thursday’s close for a run-up to the 2932.50 target shown. This would become an odds-on bet if and when buyers exceed the midpoint resistance at 2900.00 decisively. The scenario seems so likely that it is tempting to place a contrarian bet against it, especially since no trader on earth could have gone home Thursday harboring thoughts of a downturn. For the record, I hold short positions in the E-Mini Dow and E-Micro Nasdaq with stops, respectively, at 26,290 and 7601.00.
ESM19 – June E-Mini S&P (Last:2893.00)