ESU24 – Sep E-Mini S&P (Last:5500.00)

The September contract looks all but certain to reach the midpoint Hidden Pivot at 5587.75 shown in the chart (inset). The rally has been powered by relentless short-covering and gap-up squeezes on the opening bell, but I doubt it will punch through p effortlessly. There is always that chance, however, and if it does, then we should assume that D=6155.25 is in play.  The target may look like it is miles above, but it is only a 12% move from Friday’s close.  The distance could be traversed in as little as 8-10 weeks, which, looking back to the summer of 1929, would warrant our being on high alert.  Wall Street should be pretty stoked by then about Trump’s impending return to the presidency, so it would be the perfect time for Mr. Market to pull the plug.