I’d be eager to guarantee a thrust to 3392.75, a target that has allowed us to ride confidently with the trend since mid-June, but for the fact that another, lesser Hidden Pivot resistance at 3357.00, also broached here earlier, looks too clear and compelling to write off as a patsy. Short the lower number with a stop-loss as tight as you can abide, but be prepared to see it penetrated when the futures decide on what could prove to be a finishing stroke to 3392.75. I’d like to try shorting there as well, since it is close enough to the 3396.50 record high achieved in mid-February to cause more than a little anxiety and uncertainty among those we compete against for trading dollars. But first let’s see how the rabble handle 3357.00, a modest leap from here. It could get waylaid by some unexpectedly grim headline Sunday night, but if the story concerns anything less than a collision between Earth and a massive asteroid, don’t expect it to have much impact on the torch mob that has been goading this rabid beast skyward. _______ UPDATE (Aug 10, 8:19 p.m.): DaBoyz struggled all night and then all day to get past the Hidden Pivot resistance flagged above, but ultimately they took the futures no higher than 3357.25, a single tick from where I’d anticipated a tradeable top. A short position utilizing the target as suggested could have produced a profit of as much as $5000 on four contracts, since the futures swooned from 3555.25 to 3329.00 just after the opening. Now, look for the rabble to bully their way past the resistance to a potentially more important one at 3392.75.
ESU20 – Sep E-Mini S&P (Last:3350.00)