Although the futures have rallied nearly 700 points from last Monday’s Hidden Pivot low, their failure to surpass the small external peak shown in the inset was timid behavior. It also set up a theoretical ‘mechanical’ short at 5406.25 (stop 5529.00) that we’ll ignore. Instead, let’s give bulls the benefit of the doubt for now, meaning we should expect a thrust above the 5528.75 recovery high shortly. Alternatively, a relapse could send the futures down to as low as d=5038.75 in search of traction (60m, a=5322.00 on 4/4). You could bottom-fish there aggressively with a stop-loss as tight as 2-3 points.
ESM25 – June E-Mini S&P (Last:5395.75)
