The futures ended the week consolidating Thursday’s exuberant short-squeeze, but the weakness stopped just shy of triggering a ‘mechanical’ buy at 2913.25 (shown in the chart as a green line). A slow, gentle move down to the line Sunday night would take some of the risk out of the trade, and so I will recommend it, but only to those who need no further instruction concerning how to execute it. Initial theoretical risk on four contracts is around $750 per contract, so this one is not for dabblers. You could substitute the micro-contract, which carries a tenth the risk, but liquidity could become a problem. _______ UPDATE (Aug 11, 11:55 p.m. ET): It took just a few ours tonight for the trade to produce a gain of $725 per contract. This is not hypothetical, since a subscriber reported having done the trade. You should be out of at least half, but if you decide to swing for the fences, the target is 2956.50. Above p2, a ‘dynamic’ trailing stop is advised.
ESU19 – Sep E-Mini S&P (Last:2923.75)