The futures were looking like a fabulous short on Friday afternoon — until they weren’t. Around mid-session, the December contract topped a single tick above a 4678.25 target I’d flagged during an impromptu session earlier in the day. The subsequent pullback could have been worth as much as $800 per contract, but the opportunity proved short-lived when short-covering drove this wack-job to an intraday high at 4685.00. That brought the pattern shown, with a 4723.75 target, into sharp relief. For now, use the p2 ‘secondary pivot’ at 4699.13 as a minimum upside objective for the near term. _______ UPDATE (Nov 15, 6:37 p..m. ET): Sellers generated a bearish impulse leg on the hourly chart after the futures failed to achieve the 4699 rally objective flagged above. Now, expect more weakness to at least p=4666.75, a Hidden Pivot with little value for bottom-fishing because it coincides with the intraday low. Its decisive breach would portend more weakness to at least p2=4659.00 or to d=4651.50 if any lower. Here’s the chart. ______ UPDATE ( 9:35 p.m.): Short covering has negated the point ‘C’ high of my bearish pattern, causing me to lose interest entirely in whatever this headless chicken does over the next 12 hours. _______ UPDATE (Nov 16, 4:36 p.m.): Shorting the 4724.25 target of this pattern looks moderately promising. A ‘camo’ set-up is recommended, but you can use a limit offer and a 1.25-point stop loss if you want to play fast and loose.
ESZ21 – December E-Mini S&P (Last:4697.50)