I’ve drawn a bullish pattern to begin the week, but only for the purpose of exploiting the midpoint resistance at 4140.75 to get short. Friday’s close was ostensibly bullish, but the rally was so lacking in guts that whatever attempt DaBoyz make to head-fake Sunday/Monday’s opening seems doomed to fail. Ordinarily I’d suggest getting short with a limit offer at the red line and a very tight stop-loss at 4142.25. However, because I’ve hung out the trade on the front page, I’ll recommend using a ‘camouflage’ set-up with a less visible entry point. ______ UPDATE (Feb 14, 4:16 p.m.): The test-the-water short got blown to smithereens, albeit with little or no pain for subscribers who followed my real-time guidance in the chat room. The subsequent, psychotic spasms failed by a hair this morning to trigger an opportune ‘mechanical’ buy, but the 4220.75 rally target of the pattern from which the short was culled remains viable as a minimum upside objective.
ESH23 – March E-Mini S&Ps (Last:4141.75)
