ESM20 – June E-Mini S&Ps (Last:3112.50)

A deftly engineered swoon Sunday night has tripped a textbook ‘mechanical’ buy at 3017.00, the green line (see inset). You’d have needed guts to stand pat with a bid there, considering how difficult it was to discern what was moving index futures at the time. The slingshot bounce from the lows promises to reach the 3092.00 target, although we shouldn’t expect it to happen as easily as Sunday’s short-squeeze on almost no volume.  We’ll look at getting long via a ‘mechanical’ set-up if the futures rally and pull back to the red line in the way we prefer. _______ UPDATE (June 2, 5:25 p.m. EDT): The futures will hit 3092.00 as predicted and expected. Short there only if you’ve made at least $800 on the 50-point rally that has occurred  to get them there. _______ UPDATE (June 3, 11:13 p.m.): No guesswork is needed. The futures are all but certain to connect with the 3177.50 target shown in this chart. It was first mentioned here several weeks ago, along with another that will show some stopping power at 3153.25.