ESM23 – June E-Mini S&P (Last:4147.00)

The futures ended the week a hair shy of the 4244.00 ‘internal peak’ recorded on February 3.  Hold the applause if buyers should surpass it this week, however, since the 4382.75 peak from August 19 is the one that matters. A rally exceeding it would generate a bullish impulse leg of weekly-chart degree, putting in jeopardy the hopes and dreams of those who think an old-fashioned economic depression would be just the thing to asphyxiate the trivial concerns of wokeness, tame rampant paganism in America, rebuke a hopelessly corrupt political system and provide a reality check for an economic system that runs on debt and helium. Stay tuned to the Trading Room for white-hot trading tips while we’re waiting. _____ UPDATE (May 24, 8:54 p.m.): The ‘white-hot tip’ mentioned above popped up serendipitously during this morning’s tutorial session for advanced Pivoteers. It helped us fine-tune a textbook ‘mechanical’ buy after the futures finished mau-mauing bulls with what we will assume for now was a gratuitous dive. The rally target is the 4287.75 D pivot of this pattern, but we’ll sit back for now and let bulls prove their case. ______ UPDATE (May 25, 9:59 a.m.): The selloff that has caused last night’s short-squeeze to detumesce is not going anywhere, since the peak of the overnight rally exceeded yesterday’s high by two ticks. That makes it impulsive, so expect a rebound. Also, I have corrected the chart accompanying the previous update. 

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