By closing well above a clear Hidden Pivot resistance at 2921.75 given here earlier, the futures all but clinched a further push to at least 2973.25. I am recommending shorting there only if, guided by my insanely bullish targets, you’ve banked at least $1000 of profits on the way up. I expect a tradeable pullback from 2973.25, but this should not be regarded as low-hanging fruit. I say this because there are so many bears in the Rick’s Picks Trading Room who have been salivating over the possibility that this psychotic short-squeeze rally, the most powerful ever witnessed in U.S. markets, is nearing an end. Such skepticism is what has in fact propelled it, and it is far more widespread than just the chat room. Rest assured that as long as there even a few bears still standing, the craziness will continue. Above 2973.25, I would suggest putting aside Hidden Pivot targets and substituting the obvious benchmarks that the mouth-breathers will be focused on: 3000, and thence 3121, where the futures made an important top in early March on the way down. There is also a ‘magic number’ at 2997.00 that, although not a resistance, meets criteria that I have been experimenting with for the last couple of months. _______ UPDATE (Apr 30, 9:04 a.m. EDT): The futures have pulled back sharply from a wee-hours, short-squeeze peak at 2965.00. A missed tally target, especially one so clear as this one, should always be taken as a sign of weakness, notwithstanding the fact that in this case, it revealed itself in the context of a world-beating rally. Think of it as Garbo’s ominous cough in the second reel of Camille. It certainly did deny us an opportunity to get short on our terms. Oh well.
ESM20 – June E-Mini S&Ps (Last:2903.00)
