A mildly compelling Hidden Pivot resistance at 2941.50 has brought buyers to heel Sunday night, although we shouldn’t expect them to linger for long. When they push higher, as they will, look for the futures to take on the April 30 peak at 2965.00. Assuming it too fails as a restraining force, the next logical Hidden Pivot target would be the 2980.75 target of the pattern shown in this chart. There has been one ‘mechanical’ buying opportunity so far, at 2823,44, but I doubt we’ll see another with a pullback to the 2887 red line. In any event, the trade would require a 2840.75 stop-loss. ______ UPDATE (May 11, 4:32 p.m.): It would take a plunge below 2867.75, where an external low was recorded last Thursday on the way up, to generate a bearish impulse leg worthy of our attention on the hourly chart. Otherwise, all will remain as noted above.
ESM20 – June E-Mini S&Ps (Last:2923.00)