E-Mini S&P

It could have been just coincidence, but yesterday's wilding spree stopped at 1352.75 -- precisely equal to an important peak recorded in mid-May.  Although that wasn't the highest high achieved by the still-raging Mother of All Bear Rallies, its breach would probably make the actual peak at 1367.50 a sitting duck.  It will only take a print at 1353.00, however, to generate a bullish impulse leg on the daily chart that will have exceeded not only the required internal and external peaks, but a second external for good measure. The 1382.25 target given here earlier remains valid whatever happens, but more immediately we should watch for fatigue near 1354.00, the Hidden Pivot target, on the hourly chart, of A=1313.25 (July 1), B=1340.75 (July 5). _______ UPDATE (11:24 a.m. EDT): Stocks are falling sharply today after topping overnight at exactly...1354.50.  They are acting as though the 9.2 percent jobless rate somehow took the markets by surprise, but this idea is too stupid to credit. More likely is that we are seeing a garden-variety shakeout. The 1382.25 target will remain valid in any case, provided its point 'C' low all the way down at 1252.25 is not breached.  That said, this downtrend could reach 1314.00 if the 1326.00 midpoint pivot associated with that midpoint gets taken out. Camouflageurs are encouraged to look for a tradable turn from either number.

Silver and Gold were in promising, shallow corrections late Wednesday night, and so my projections do not take into account the possibility that their respective rallies will be derailed before reaching the station.  Ditto for the E-Mini S&Ps, which are looking quite feisty at the moment.

Although the futures appeared to struggle yesterday, they ended the day with a slight gain, presumably ready to take on the 1342.50 peak noted here earlier. Once comfortably above it, the September contract will become an odds-on bet to reach an important Hidden Pivot at 1382.35 without too much strain.  Most immediately, there were no compelling opportunities beckoning night owls, since the futures have climbed in after-hours trading to within an inch of Wednesday's intraday high.

Despite yesterday's feeble price action, I'll stick with the 1382.25 target given here earlier. The futures may have hesitated because there was no alleged "news" sufficiently stimulating to stir bears from their post-holiday torpor. However, when they regain their awareness that the Mother of All Bear Rallies is still indeed a threat, expect them to forge a powerful new impulse leg with a breakout above the key 1342.50 peak shown.

A Hidden Pivot at 1382.25 flagged here earlier is equivalent to the one at 13182 that I've proffered for the Dow.  Like the Dow, the futures have easily surmounted, and now closed above, a key midpoint resistance, 1317.25. However, within the next 2-3 days, buyers will need to handle two 'external' peaks that lie respectively at 1342.50 (May  31) and 1352.75 (May 11) to ensure that the thrust to 1382.25 is swift and easy.

The 1317.25 midpoint resistance that I drum-rolled here yesterday caught the intraday high within a single tick.  I hadn't explicitly suggested shorting there -- only using it as a benchmark to determine whether the E-Minis are feisty enough to keep rolling all the way up to 1382.25.  The jury's still out on that one, but because DaBoyz appear to have shorts by the scrotum, I wouldn't expect a merciful evening.  The pullback so far has been shallow, but in any event, I'll hold to the criterion given here yesterday -- that the September contract must close above 1317.25 for two consecutive days to signal an impending rampage.  Since Thursday's settlement price was 1314.75, we'll adopt a wait-and-see stance. _______ UPDATE (11:43 a.m. EDT):  The rampage looks unstoppable, the futures having pushed as high as 1328.00 so far today. Besides oblierating the 1317.25 midpoint resistance on a spike opening,  the rally has also exceeded the 1325.25 target of a lesser pattern that we focused on during last night's installment of the Hidden Pivot Course.

A 1317.25 midpoint pivot is equivalent to an important one that I've given today for the Dow. If the futures are able to close above it for two consecutive days, it would hint of a strong follow-through to as high as 1382.25, the midpoint's 'D' sibling.  Because the correction from early May's peak has had so many false starts higher, however, the midpoint cannot be deemed as reliable as one occurring in a straightforward b-c correction.  Although that means we cannot short there confidently with a tight stop, we can and should look for a minor abc downtrend from around 1382 that we could leverage to get short in "camouflage" fashion.

How very exciting yesterday was, what with the futures extending by yet one more session the soporific sine wave they've been tracing out for the last two weeks.  The entirety of yesterday's rally exceeded few prior peak of importance, even on the five-minute chart, and so little was accomplished toward the task of eating up supply.  Night owls can nonetheless try to leverage a pullback from just above the 1281.75 peak shown to 'camouflage' their way aboard a low-risk long. An ostensible Hidden Pivot target lies at 1298.50 -- the result, on the 15-minute chart, of A=1252.25 on June 16.  More imaginatively (i.e., on the 240-minute chart, where A=1285.25 on April 18 and B=1367.50 on May 2) a rally could go all the way to 1367.50 without hitting any important Hidden Pivots. _______ UPDATE (11:40 a.m EDT): Based on the 'camo' pattern shown in the chart, the futures tripped an entry signal at 1281.00 near the opening. They've decisively exceeded the 1284.00 midpoint of the pattern and should be presumed bound for a minimum 1289.75, the 'D' target.

Tonight's action is tedious and tiresome even for a Sunday night, having failed to do much more than tie Friday's low.  As is the case nearly every Sunday night, DaBoyz are attempting to dry up selling so that they can run the index futures higher ahead of Monday morning's opening. The September contract is ostensibly working on a bullish impulse leg begun from Thursday's 1252.25 low, but it is not bullish enough that we should look for any special opportunities. Night owls should use the 10-minute chart for camouflage nonetheless if boredom sets in.  Potentially most useful for getting long would be the 1267.50 peak recorded Friday at 2:50 p.m. EDT. ______ UPDATE (10:42 a.m. EDT):  The pattern implied above (30m, A=1257.50, B=1269.50, C=1261.75) did indeed work, playing out to within a single tick of its 1273.75 target.