ESU19 – Sep E-Mini S&P (Last:3014.25)

Minor and middling Hidden Pivot targets have shown little resistance to the rally, which has gained a steady 15-20 points a day mostly due to short-covering, low volume and the absence of dedicated sellers. Most immediately there is the 3012.50 target we’ve been using to keep us comfortably aligned with the trend. I still expect it to show some stopping power, but don’t be shocked if it doesn’t. Short there with a tight stop-loss, provided you’ve made money on the way to it. Above this ‘hidden resistance’ sits another target broached here earlier, an ambitious one at 3114.50. Like virtually every other major or minor rally target we’ve used over the years, it must be reckoned a shoe-in to be reached. But based purely on the look of the chart and the very labored penetration of the 2923 midpoint pivot, it would appear that an ascent to 3114.50 is not quite a done deal._______ UPDATE (Jul 10, 9:23 p.m. ET): The futures popped to a marginal new high at 3007.50, five points shy of our target. The shallow correction since suggests it will be reached soon, but any higher would put another at 3051.75 in play. (60-min, A= 2917.75 on 6/27). _______ UPDATE (Jul 14, 5:30 p.m.): The futures spent a remarkably boring Friday head-butting the 3012.50 target before short covering drove the September contract to close two points above it. This means the uptrend is likely to continue — most immediately to at least 3029.75, the secondary pivot associated with the 3151.75 target.