The futures are bound for at least 5749.25, the ‘D rally target of the conventional pattern shown. Barring nuclear Armageddon, this outcome is all but certain because buyers had no difficulty whatsoever getting past the 5434 midpoint Hidden Pivot last week. The move used up the largest available reverse pattern on the daily chart, so I’ve switched to the conventional one you see in the thumbnail inset. The vehicles we trade are unwitting slaves of Hidden Pivot levels, and so it comes as no surprise that E-Mini S&Ps spent all day Friday heading-butting Hidden Pivot resistance points. The intraday high occurred at the 5573 ‘d’ target flagged here earlier as a place to get short, but also at the secondary pivot (p2=5591) of the new, conventional chart. ________ UPDATE (Aug 21, 10:05 a.m. EDT): As anticipated, the futures are getting second wind, presumably to make a tradable high even closer to the 5648.00 target I flagged in the chat room earlier this week. See my Monday, 11:39 points for details and an illuminating chart.
ESU24 – Sep E-Mini S&P (Last:5637.25)
