We’re using a 3769.00 bull market target that comes from the weekly chart, but more immediately, the 3651.75 target shown in the thumbnail inset can serve as a minimum upside objective for the near term. A pullback to the green line would trip a ‘mechanical’ buy, stop 3484.00, but it seems unlikely, given the very steep pitch of the futures’ ascent. Even allowing for the fact that this is the most powerful rally in history, I was surprised nonetheless to see it take out double resistance I’d noted earlier about 30 points below. It were as though the two pivots were chopped liver. Chalk it up to mass mental illness that is equal to some of the most famous outbreaks of craziness in history, including the South Sea Bubble of 1720 and Tulipomania. The dollar consequences of this episode undoubtedly dwarf all of the others put together, mainly because it is global in scope.
ESU20 – Sep E-Mini S&P (Last:3573.50)
