The chart shown is the simplest picture of the aging bull market that I can offer. It says that two events are highly likely: 1) the 6728.50 target will be reached, and 2) an important top will form there, possibly marking the end of a bull era begun more than 16 years ago. There is also a very small chance the party ended on Friday, since the futures finished the week within less than a point of a 6428 target that kept us confidently aboard the trend for the last 184 points. The target was an important Hidden Pivot, although not quite as important as the one at 6728. Trends occasionally fail without reaching their ultimate ‘D’ targets, but only time will tell whether this is about to happen. More likely is that short covering will power past the lesser target in mere days, much as it has scores of times since 2009.
ESU25 – Sep E-Mini S&Ps (Last:6425.00)
