Stocks are even weaker than they appear. Notice how the E-Mini S&Ps failed to penetrate a sitting-duck trendline on their final, desperate short-squeeze lunge of the year. The broad averages are obviously marking time until DaBoyz have distributed as much stock as possible. With the U.S. recession continuing to deepen, however, they are going to have their greedy hands full trying to corral a new bunch of pigeons when trading begins in 2023. For now, we’ll stick with the 3682.00 ‘secondary’ Hidden Pivot shown in this chart as our minimum downside objective. It’s tied to a ‘D’ target at 3516.00 that is well in play but not a worst-case number for the early new year. Lower projections at 3460.00 and 3349.25 are possible using successively higher point ‘A’ peaks at, respectively, 4250.00 (8/26) and 4361.00 (8/16).
ESH23 – March E-Mini S&Ps (Last:3861.00)
