Friday’s nutty finale should remind us that the agent responsible for such behavior is none other than…ourselves. Lest you take the vicious, end-of-day short-squeeze too seriously, the thumbnail chart puts it in perspective. The futures have in fact rolled down without even reaching 5398, the p2 ‘secondary pivot of the still-bullish pattern shown. They are a better bet to fall to 5108.25 first than to reach D=5542.50 straightaway. We’ll be ready in any case, especially for a feint marginally above last week’s record high at 5368.25. That was itself a slightly new all-time high, creating ideal conditions for a top of potentially diabolical cleverness.
ESM24 – June E-Mini S&Ps (Last:5296.50)