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NQU20 – Sep E-Mini Nasdaq (Last:10,283)

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The 10,341 rally target disseminated her last week was narrowly missed, meaning it is still in play theoretically. That implies that a pullback to the green line would set up a ‘mechanical’ buy with a stop-loss at 9368.00.  I am not recommending the trade, however, since initial risk would be around $4870 per contract. You might want to paper-trade it anyway just to see whether our long winning streak using these big-picture set-ups continues. If you substitute QQQ calls and actually do the trade, be aware that the green line is not to be construed as a possible reversal point. In fact, it serves just two useful purposes, once of which is to let us know when a ‘mechanical’ trade has been signaled. _______ UPDATE (Jul 1, 10:04 p.m.): Buyers easily pushed past the 10,193 midpoint Hidden Pivot shown in this chart, shortening the odds that D=10,657 will be achieved. An unlikely drop to x=9960.75 would trigger a ‘mechanical’ buy, stop 9727, but p itself would become a buying level, stop 10.038, on a retracement that has come from a high very near p2=10424.

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