ESH21 – March E-Mini S&Ps (Last:3846.25)

The futures have rolled down from an interesting place, a millimeter shy of the 3828.00 ‘secondary pivot’ shown in the chart. This is not an illogical place for  a trend to fail, even a major one, and it is somewhat encouraging for subscribers who bought puts in QQQ, DIA and IWM over the last couple of weeks as advised.  The selloff has yet to develop legs, however, and would need to hit 3595.75, breaching a key ‘external’ low recorded on December 21, to become technically significant. Along the way, the weakness would trigger a ‘mechanical’ buy at p=3717.75, stop 3644.25. However, we’ll look to create a less risky entry set-up if and when the opportunity arises. _______ UPDATE (Jan 20, 7:50 .m.): Bulls appear to have clinched the remaining 90 points to a 3938.25 target first mentioned here ten days ago. Any higher would indicate a minimum 3967.75, an even more important Hidden Pivot  resistance given here earlier. We’ll want to attempt getting short up there, so stay tuned. ______ UPDATE (Jan 22, 8:35 a.m.): We could be witnessing the start of the Trump rally in reverse — i.e., a bear market — so let’s put that 3938.25 target aside for the moment. A 217.59 target in IWM that is arguably more important has effectively been fulfilled via a so-far high at 215.98.