Buyers impaled the 2962.38 midpoint resistance on Friday (see inset), leaving no doubt about whether the futures will achieve the 3069.75 ‘D’ target of the same pattern. It lies 3.36% above, which is roughly commensurate with one in AAPL at 243.68 that is 2.5% higher. We’ve been watching AAPL closely because the decade-old bull market is unlikely to end as long as Apple shares are moving higher.
Concerning the E-Mini S&Ps, the rally pattern is sufficiently clear and compelling to suggest that a tightly stopped short at D would enjoy success. As always, however, I would recommend shorting aggressively only if you’ve made a profit on a long position enroute to the target. Stay tuned to the chat room if you would like guidance on this, since trades disseminated in the room in real time have racked up a very impressive track record lately, most recently with a $2400 theoretical winner in ES on Friday.