The short squeeze powering this bull market tacked on another week of mechanical buying, leaving little doubt that the 8263.35 target shown will be achieved. Adding to the evidence is that the futures have remained above p=7307.75, the midpoint Hidden Pivot resistance, since touching it for the first time three months ago. Now they’ve blasted free of it decisively by exceeding p2=7785.00 on Friday. Your trading bias should be bullish but consider it a gift if this vehicle should pull back to 7657.75 before launching anew, since that ‘hidden’ support can be bottom-fished with a tight ‘camo’ trigger. The one-off low is not strictly kosher, but if the uptrend exceeds D=8262.25, you can assume it’s bound for 8557.50, the target associated with the marquee low at 4832.00 recorded the second week in April.
ESU26 – September E-Mini S&P (Last:7779.75)