Friday’s irrational exuberance was possible because there was no structural resistance between 4112 and 4161 (see chart inset). DaBoyz pushed DaFutures to within an inch of the higher number equal to the day-earlier peak, but they lacked the guts and conviction to get past it. Evidently unknown to them is that a follow-through to at least D=4199.75 is all but certain, barring a collision between Earth and an asteroid over the weekend. A pullback to the red line (4131.00), a trade I don’t often recommend, would trigger a ‘mechanical’ buy, stop 4108.00. _____ UPDATE (May 10, 10:43 p.m.): A day of crazy price action generated many profitable trades that were reported in the chat room. The big, bullish picture is unchanged.
ESM23 – June E-Mini S&P (Last:4160)