The week ended with a ratcheting, brain-dead rally inspired by a relative dearth of “news”. The Wall Street Journal led with this grabber: Fears Over New Luxury Jet Forced Trump Back to an Old Air Force One After Israeli Warning. The stock market’s excruciatingly modest gains didn’t quite reach the 7682.25 target shown, but we should expect it to be achieved early in Monday’s session. The target is worth shorting with a tight stop, especially if you can do it with a ‘camo’ trigger to limit risk. If this somewhat obvious Hidden Pivot gives way easily, don’t assume that the new record highs that follow will leave the market’s shills and cheerleaders groping for superlatives. In fact, we’ll turn extra-cautious, since this would be a great opportunity for Mr Market to spring a bull trap worth remembering.
ESU26 – September E-Mini S&P (Last:7625.50)