Bulls failed to get anything going on Friday, but so did bears. My hunch is that the latter were too timid to assert themselves as the week ended, but that they will be more aggressive come Monday. Even so, the holiday-shortened week could impede the momentum of any selloff that might develop, so permabears shouldn’t get their hopes too high. Alternatively, if the December contract pushes above p=3115.38 in the chart shown, assume it’s on its way to 3140.0o. Pivoteers should be alert to the possible buying opportunity that would come on a pullback to the green line in the early going, stop 3090.50, from a peak somewhere in the range 3120.50 – 3123.00. _______ UPDATE (Nov 25, 7:45 p.m. EST): A short-covering panic on the opening gapped the futures past the 3115.38 resistance noted above, all but guaranteeing more upside to the 3140.00 target. It looks too clear and compelling to be a pushover, but bears had better dive for cover if it is easily exceeded. Short there calmly with a 1.25-point stop-loss, but only if you’ve caught at least six points of the rally. (It wasn’t possible to get long ‘mechanically’ as I’d suggested, by the way, because the futures did not pull back even to the red line, let alone to the green one where most mechanical trades originate.)
ESZ19 – December E-Mini S&P (Last:3135.25)