The December contract is all but certain to achieve the 3481.75 target (see inset), but it remains to be seen whether it can blow past it. You can try shorting there with a tight stop if you’ve made a few bucks on the way up or if you know how to use an rABC set-up to trigger the trade. ‘Mechanical’ set-ups have been working consistently, as you may have noticed, although the one that caught the low tied to Trump’s recent flip-flop on a stimulus package was a bit hairier than we’d have preferred. If the futures settle above 3481.75 for two consecutive days or achieve 3488 intraday, they’ll be signaling more upside to the p2 and D pivots of a larger pattern shown here. The respective resistances lie at 3488.44 and 3585.25.
ESZ20 – December E-Mini S&P (Last:3451.25)