Bulls and bears fought to a draw last week, surfing a killer wave of boredom. The futures looked bound for 3683.89, a secondary Hidden Pivot support that lies 5% below these levels. Alternatively, I wouldn’t get my expectations too high for a Santa rally, since just staying afloat looks like as much as this vehicle can handle at the moment. A move up to the green line (x=4014.63) would trigger a ‘mechanical’ short, but we’ll want to use extra caution getting into the trade because the big ABCD pattern does not have much downforce.
ESH23 – March E-Mini S&Ps (Last:3869.75)