Brian Catalucci

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Bears were on the ropes when last week ended, with stocks gaining buoyancy from Trump’s optimistic remarks concerning China. Assuming no news comes out over the weekend to queer Wall Street’s good mood, expect the futures to easily hit the 2754.00 target shown (see inset).  Just a slight overshoot would surpass an important ‘external’ peak at 2755.75 recorded October 13 on the way down. That would refresh the bullish impulsiveness of the hourly chart, setting the tone for the near term.

Ira did this morning session and showed how the Hidden Pivot method in ways you may not have thought of.

Ira reviewed why the Hidden Pivot pattern works and how to use it in real trading. He paid particular attention on seeing how and when a reversal of a move may stop and then continue in the original direction.

The Hidden Pivot tracks cycles. Ira show the group how to use those to see how to trade a security, in this case the SPY. He also gave a good explanation of why ecternal peaks are important.

030718 The Weekly Wednesday Real-Time Tutorial Session from Rick Ackerman on Vimeo.

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The pattern shown should be starting to look familiar, even if not in the way of a dear old friend.  Last week, I'd suggested a mechanical entry to get long for a ride to as high as D=2126.25.  That Hidden Pivot is now within shooting distance, but we shouldn't expect any easy opportunities to get long, since they were so hard to come by last week.  However, if one were to arise, it would begin with a thrust to around 2104 followed by a pullback to p2=2094.50. A bid there with a 2062 stop-loss would apply, although I'm not recommending this strategy unless you understand why. There may be ways to significantly reduce the implied entry risk of $1600 per contract. If you're interested, tune to the chat room in real time after the criteria I've noted have been met. ______UPDATE (November 23, 12:19 a.m. Brian Catalucci - Catman): The futures are still trying to close in on the long standing 2126.25 rally target. They've gone sideways for the last two trading days, bouncing off the 2094.25 p2 Hidden Pivot. We are nearing the Thanksgiving holiday and trading volume will lighten up. Using camouflage and tight stops to catch another ride up to the p2 pivot may be the order of the day.