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ESZ19 – December E-Mini S&P (Last:3097.50)


Monday’s dive was a sample of what we should expect when the still hibernating bear finally emerges.  Mr Market not only delivered a swift kick in the balls, he did it while we were sleeping. I’d sent out a 3160.25 rally target last week and stuck to it even after a rally died just five points shy of it. Lo, short-covering bears got second wind Monday morning, pushing this gas-bag to a 3158.00 top that would have been easily shortable using an rABC set-up. Trouble is, the high occurred at 4 a.m. when most of us were sleeping. We shouldn’t hope for great opportunities to come at convenient hours, because that’s not how the game works. But we will need to be aggressive if we are going to seize whatever crumbs come our way.  For now, I have no new targets to offer, nor even a confident sense of where the futures might be headed next. _______ UPDATE Dec 3, 7:55 a.m. EST): The opening is nearly 90 minutes away, but the futures are not getting much bounce off the gnarly Hidden Pivot pattern  shown here, with a ‘D’ target at 3098.75.  This is not a healthy sign. DaScumballs will valiantly keep trying to exhaust sellers, groping for a bottom in order to short squeeze the opening. We shouldn’t bet against their success at rigging the game in this way, but it behooves us to treat whatever rally is coming with care and skepticism.

Please do not ask trading questions!

  • GFC December 4, 2019, 6:54 pm

    Bulls w/ a nested short term leg up from 12/3 3069.5 low targeting 3101.5 was hit today 12/4. A 2nd leg up targets 3137.25 by 12/5 if bulls stay above today’s 3098.25 intraday low. Bulls will need to get past old 3116.5 bear target, a potential cap- high today was 3119.5. Below 3101.5 target is bearish and a bear leg down from 12/2 3158 high so far would target 3031 by 12/6 if bulls were to remain below today’s 3119.5 high.


    Yo, GC ol’ boy: I’m doing the forecasting around here, okay? Your liable to confuse my subscribers with all of those if/then predictions. But if you think you can do better than I, I’d encourage you to start your own guru service. It can be quite lucrative if you cater to wealthy widows and one of them likes you enough to put you in her will.

  • GFC December 3, 2019, 1:37 pm

    Bear 3085.25 target was hit today 12/3. Bulls now have a leg up from the 11/6 3063 low targeting 3164.5 by 12/26 if they stay above today’s 3069.5 low so far. 3085.25 target is the new point of inflection- bullish above, bearish below.

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