The by-now familiar 3392.75 targets looks capable of turning back the stampede, if only perhaps temporarily. It’s not quite a lock, however, given that it has taken this gas-bag a month to break out above the 3158 midpoint pivot. Expect a balky move to D over the next several weeks. If the futures should surprise by falling apart on increasingly grim pandemic news, you should view it as a buying opportunity. Armageddon, on the other hand, could slow the ascent, but there might still be buying opportunities ahead of Earth’s being returned to a molten state. _______ UPDATE (Jul 14, 8:27 p.m. EDT): The brute power of today’s turnaround justifies using the 3275.00 secondary pivot shown in the chart as a minimum upside projection for the near term. ______ UPDATE (Jul 16, 9:45 p.m.): The immediate trajectory is bullish, but only faintly so. Use this pattern to trade ES on Friday, but you can adjust the point ‘C’ downward if necessary.
ESU20 – Sep E-Mini S&P (Last:3204.25)