Update on the 'Bear Rally'
I put the words ‘bear rally’ in quotes because we cannot say for sure how high this bounce from bombed-out lows will get.
However, the E-Mini S&Ps provided a solid ‘tell’ today that implies the June contract, currently trading around 5834, is all but certain to reach a minimum 5976. Along the way, here are some trades that will enjoy excellent odds: 1) buy a pullback to x=5663.91, stop 5558; 2) short 5871.94 with a tight stop; and, 3) get short at d=5976.00. If that last Hidden Pivot resistance gets schmeissed, you can safely bet that ES is on its way to new all-time highs. Here's the chart:
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