If the futures relapse early in the week, looks for tradable support to develop at 6483.50, a voodoo number. However, we should be careful not to underestimate the potential power of this bear rally, especially if it blows a hole in p=6716.25, a Hidden Pivot resistance that can serve as a minimum upside objective for the near term. Above it there are three ‘hidden’ resistance points we can monitor to gauge trend strength. They lie at 6768.50, 6812.00 and 6907.50, respectively, and a penetration of each would imply the next is likely to be reached. The last would fall somewhat shy of the old record high at 6953.75 recorded on October 30. Since a new high could conceivably create a devastating bull trap, we should be more cautious than ever at those heights, and not without skeptici sm.
ESZ25 – December E-Mini S&P (Last:6631.50)
