The Mother of All Rallies is closing on a potentially important target at 3802.00 where ‘selling the news’ will become an opportune bet. It would become still moreso if the election is settled when the futures get there, vaccine euphoria is in high gear and the Wall Street Journal is doing its patriotic best to convince us that all is right with the world. From a technical standpoint, the futures blew past the red line with such force on September 9 that there can be little doubt they will reach the D target. The only caveat is that a bigger picture pattern has a 3769.00 target that could conceivable stop the rally cold. Either way, a potentially important top looms at a time when the din of bullish hubris is so loud that it could practically make one bleed from the ears.
ESZ20 – December E-Mini S&P (Last:3637.00)