The little hoser spent most of the week tap dancing on a 4388 midpoint Hidden Pivot that had served as our minimum downside objective. Its decisive breach would make further slippage to D=4146.75 more likely, but sellers have looked so gutless lately that we shouldn’t take this for granted. More immediately, p2=4267.82 can be used a a minimum downside objective for the near term. I still doubt that bulls have the strength or enthusiasm to stop out C=4631 of the bearish pattern, but let’s keep an open mind, lest they use some inscrutable pronouncement from Powell & Co. to catalyze a volume-less short squeeze. _______ UPDATE (Apr 20, 11:22 p.m.): Just a little more upside to x=4510 would trigger a mechanical short, stop 4631.25, but I am recommending the trade only to subscribers who can cut the implied entry risk of $6,000 per contract down to $240 or less. In practice, this will require a ‘camouflage’ set-up on the 15-minute chart or less. _______ UPDATE (Apr 21, 11:24 p..): The futures plunged 70 points after topping a single point from the 4510 benchmark flagged above. No one mentioned getting short as the tout update had suggested, even though I posted instructions for initiating the trade belatedly with a mechanical trigger.
ESM22 – June E-Mini S&Ps (Last:4374)