The futures were bound for the 5787.25 target shown when the closing bell ended Friday’s v-shaped rally. The implied 4.2% gain would put the June contract within shooting distance of old record-highs just above 6200. A move to 5787.25 seemed assured when the trading week ended, since the intraday low occurred precisely on a Hidden Pivot midpoint support. Strong uptrends are supposed to produce weak retracements, according to the rules of my system, and that perfectly describes what happened on Friday. There could be an opportunity to scalp a pullback from p2=5623.00 on the way up, but your trading bias should remain bullish otherwise.
ESM25 – June E-Mini S&P (Last:5552.50)
