Written by Rick Ackerman, Rick’s Picks
The futures rallied 50 points off their lows Thursday, topping a single point from the 2737.75 target I’d sent out to subscribers the night before. At the time, I’d suggested getting long with a ‘mechanical’ bid at the green line; alas, the pullback from overnight highs didn’t even come down to the red line, a midpoint Hidden Pivot at 2682.38.
Please share this article – Go to very top of page, right hand side, for social media buttons.
Even so, those who drilled down to the very lesser charts in search of a ‘camouflage’ entry setup as I’d advised were rewarded with a trade signaled as early in the rally as 2692.25. The trigger point is shown here, and getting long would have risked just 1.00 point ($50) theoretical per contract.
So where are the futures headed next? To at least 2758.88, as far as I can surmise. Expect a potentially tradable pullback from that Hidden Pivot, but if it is decisively exceeded or the future close above it for two consecutive days, it would put a 2988.75 target in play. That would be 115 points above the old record high – equivalent to 1000 Dow points.
If you don’t subscribe but want to join in the fun, click here for a two-week free trial to Rick’s Picks, including access to a 24/7 chat room that draws great traders from around the world.
