March 21, 2019 | A Hardcore Permabear Talks Sunshine and Lollipops

So much for the 2858.75 print in the E-Mini S&Ps earlier this week that I’d said might mark an important top.  Thursday’s muscular short squeeze impaled this ‘Hidden Pivot’ resistance, leaving the futures above it at the close. It also put in play an alternative scenario I’d mentioned — i.e., a move above 3,000. The chart shows a ‘secondary pivot’ at 3005.63 that can serve for now as a minimum upside objective. Just to be on record with the most-bullish-forecast-by-a-permabear, I’ll also mention the 3235.25 ‘D’ target of the pattern as a possibility. It would become an odds-on bet to be reached if the futures close for two consecutive weekly bars above 3005.  These numbers are not as precise as I would prefer, since the chart is stitched together from many contract months. But the targets should be close enough for us to get a confident read on trend strength if and when they are hit.

Rick Ackerman March 21st, 2019

Posted In: Rick's Picks

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