Friday’s manic short-squeeze, nearly all of which occurred on the opening bar, pushed the futures to within a single tick of a well-advertised target at 5868.50. Is the pattern that produced the target too obvious to work? Time will tell, but I suspect that traders will screw the pooch (‘bassza meg a kutyát’ in Hungarian, pronounced BOO-sta mega COO-cha) for a while at these levels before the bullish tide recedes. If not and the futures continue to fall from Friday’s high, the first Hidden Pivot support where you could try tightly stopped bottom-fishing would be at p=5815.25 (daily chart, a= 5830.00 on 9-26); and thence at d=5762.25.
ESZ24 – Dec E-Mini S&Ps (Last:5853.25)
