ESM20 – June E-Mini S&Ps (Last:3034.50)

I’ve adjusted our rally target slightly upward to 3069.00, a high-odds turning point that you can short provided you’ve made at least $600 on the way up. The ‘mechanical’ buy I’d noted here yesterday is currently profitable to the tune of about $3300 per contract, but I did not recommend it because it came off a ‘sloppy seconds’ signal. Anyone who took the trade would have suffered an adverse swing of about $1000 per contract before it came home, although the ‘mechanical’ setup ultimately worked as such trades are supposed to when stocks swoon violently.  As always, an easy move past so clear a Hidden Pivot resistance as 3069.00 would imply the uptrend is likely to continue. ______ UPDATE (May 28, 7:04 p.m. EDT): The intraday high occurred two ticks off the original target, 3065.50, but it was close enough for some Trading Room denizens to make hay. Here’s a report from one of them, MattB, a regular at the Wednesday morning tutorial sessions: “Rick, sorry, but I missed the [E-Mini Nasdaq] trade. I was busy using your tricks in [the E-Mini S&Ps]. Paid for the next few years’ subscriptions with two contracts in 23 minutes.”  We should know soon if the target caught an important high ahead of the weekend.