The futures ended the week playing patty-cake with our 2983.75 rally target, a minor one. The next lies at 3006.75 (see inset, and notice the gnarly one-off ‘A’ ), but because the pullback so far has been very shallow, I doubt the Hidden Pivot resistance will contain the futures for long if they get off to a strong start this week. Even so, if you are able to book even a small profit trading from the long side between here and 3006.75, use some of it to cushion a stop-loss at 3008.25 after shorting 3006.75. ______ UPDATE (Sep 12, 9:06 p.m.): I’ve lowered the point ‘A’ of the rally pattern to give this move a little more room. If the futures end the day above the new target at 3025.25 or trade more than 10 points above it intraday, they’d be warning bears to get out of the way. A bullish tweet on China over the weekend would tell us that Trump is having his little joke on Wall Street, playing DaBoyz the way a kid plays a pinball machine.
ESU19 – Sep E-Mini S&P (Last:3015.50)