Here’s a picture I can’t recall having seen before — and on the weekly chart, no less. We would ordinarily expect buyers to have show deference toward the 4950.00 Hidden Pivot resistance, which could not be more clear or compelling. Instead, they plowed right through it last week, turning it into a launching pad to lengthen the previous week’s modest breakout. It’s possible this will turn out to have been brought on by the pattern’s obviousness. If so, the rally will not have much further to go until it sputters out. But the impalement of D has already been sufficient to suggest otherwise — i.e., that it is unadulterated, muscular buying that has turned the resistance into chop suey. Regardless, I’ll suggest using this extremely gnarly pattern to get a fix on the trend Sunday night/Monday morning. Price action at p absolutely guarantees D=5061.00 will be reached, at least. If it, too, gets blown away, bears had better get out of the way. However, if the futures into creep up to D Sunday evening or at the opening, you can try shorting there with a trigger interval (TI) as tight as 4.25 points.
ESH24 – March E-Mini S&Ps (Last:5044.00)
