NQU20 – Sep E-Mini Nasdaq (Last:10,555)

Judging from the way bulls blew past p=10,192 midpoint resistance last week, there can be little doubt that they will reach the 10,656 target shown.  The impulse leg is strong enough that we could consider a ‘mechanical’ bid on a pullback to p, using a 10,038 stop-loss. Since that would risk an initial $12,320 theoretical on four contracts, we’ll need to look for an alternative entry tactic that would cut that by perhaps 90%. Using call options in QQQ would be the cheapest way to go, but you should let me do the interpolating when the time comes. ______ UPDATE (Jul 7 9:02 p.m.): The futures fell nearly 200 points after recording a high inches above the 10,656 target. The penetration of this Hidden Pivot resistance to the upside implies the weakness that followed is merely corrective.  _______ UPDATE (Jul 9, 9:55 p.m.): The odd pattern shown in this chart is all we’ve got at the moment, but its 10858 target looks good enough for government work. That means taking a small, speculative put position if and when the futures get with 4-10 point of the target.  You can interpolate using QQQ, which has an equivalent target at 264.56.