Use the 4305.50 target shown as a minimum upside projection for the week. There is little doubt the futures will get there, given the way short-covering speared the midpoint Hidden Pivot resistance at 4058 toward the end of the week. Retracements were non-existent, leaving bears hanging on the ropes ahead of the three-day holiday. A move to the target would leave the June contract in an interesting place, just above three middling ‘external’ peaks made in late April and early May. Since every chartist will read that as a bullish breakout, we’ll look to exploit the obvious if it doesn’t pan out as anticipated. Even if it does and the futures shoot higher, there may still be a discomfort-zone opportunity to get short at higher levels. ‘Mechanical’ buys would be signaled on a pullback to p=4056.50 or, less dangerously, to x=3932.00. Either trade would demand ‘camo’ risk control, since the implied entry risk on four contracts is more than $12,000.
ESM22 – June E-Mini S&Ps (Last:4168.00)