ESU26 – September E-Mini S&P (Last:7462.50)

The futures spent the last two sessions head-butting a modest midpoint Hidden Pivot resistance at 7582. You might think the failure to break through was a sign of weakness, but the opposite is true. Considering that no one but Trump and Vance is impressed with the cease-fire plan, and that the Fed is waxing hawkish, the lackluster performance of the S&P must be viewed as a volcano gathering subterranean force. The index hardly pulled back at all, and so we should expect it to launch anew on Monday, assuming Wall Street is not too hungover from Juneteenth craziness. Look for the E-Minis to ascend to D=7692.00, a sufficiently ‘D’ target to show tradeable stopping power. A dip first to the green line from above Thursday’s highs, however unlikely, would trigger a tempting ‘mechanical’ buy, so be ready if you know how to handle it with a small-pattern (i.e., ‘camo’) trigger. _______ UPDATE (Jun 22, 11:27): Cancel the trade (or exit it now for a nice profit if you got long at the green line). Mr Market is doing his utmost to screw with our heads, first by dropping ES to within a single point of the green line at 1:00 a.m. before popping off a 71-point rally.  He then plunged ES to the green line EXACTLY before embarking on the current, so-far 23-point, rally.  Since no subscriber mentioned any of this in the chat room, I will assume everyone either slept through it or ignored the opportunity. _______ UPDATE (Jun 23, 12:21 p.m.): It’s too early to say the bear market has finally begun, especially since the worst case I can offer for the moment is the 7266.00 target of this pattern. The futures are all but certain to get there, but sellers will have to demolish the Hidden Pivot support on first contact to give bears a fighting chance. A rally to the green line (x=7553.00) in the meantime should be shorted, but the trade is recommended for ‘camo’ aces only. The camouflage technique is described in detail in the recorded course I’ve made available free to loyal subscribers.