ESU17 – Sep E-Mini S&P (Last:2434.50)

The futures have been screwing the pooch for two weeks, presumably to gather what modest thrust is required to reach the 2456.00 target shown.  The broad averages have been entirely opportunistic of news, often in a perverse way. Recall that the most powerful rally of the last month was a short squeeze in reaction to a particularly negative stretch of stories concerning Trump. They were the usual, made-up claptrap from the media hacks who gin up the headlines, but it gave DaBoyz a perfect excuse for pulling their bids for a couple of days so that stocks could plummet quickly to relative bargain levels. With sellers exhausted, it has been easy since to keep stocks wafting higher. Now, with AMZN leading the way, the so-far two-week consolidation in the broad averages seems likely to end early this week. Even so, we’ll be watching AMZN closely, particularly at Hidden Pivot resistance points, to greatly reduce the odds of being fooled at a potentially important turning point.