Friday afternoon’s upswing left the futures on course for a presumably untroubled move to the 7986.25 ‘D’ target of the pattern shown. I’d suggested getting short at 7804 earlier in the day, based on a lesser pattern. However, I subsequently advised scratching the trade when bulls refused to give ground. They didn’t rally stocks either, since firm traders have become paralyzed whenever crude prices are not moving, which they were not. Lately, the two have been moving in lock-step, with the stock market’s strength or weakness determined solely by news on Hormuz. Trump continually manipulates the game by hinting, usually on Sundays, that a deal is coming; then the newsroom bozos and short-covering bears do the rest.
ESZ26 – December E-MIni S&P (Last:7805.75)