Written by Rick Ackerman, Rick’s Picks
S&P Futures on Track To Hit a Record 2942
Look for the E-Mini S&Ps to rise to record heights next week, bound for the 2942.00 target shown in graphic below. That would equate to a 800-point Dow rally to around 26,580.
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Friday’s thrust past a related ‘Hidden Pivot midpoint’ resistance at 2866.50 was not decisive enough for us to infer that a move to the target is a done deal, but it was sufficient to justify an aggressively bullish trading stance. Tune to the chat room if you want to join in the fun, since this vehicle is developing an avid following among Rick’s Picks subscribers.
I will turn cautious, if not to say skeptical, if and when the target is reached, since I vowed to do so months ago when thinking about the perfect bull trap, as I am now. Even though a global outbreak of tariff-free trade would likely suffice to push the broad averages much higher, that is not a done deal either, not by any stretch, and that is why I will be monitoring price action closely for potentially fatal stalls at Hidden Pivot resistance points as clear and compelling as this one. As always, we’ll be trading both sides of the market – bullishly on rallies; bearishly, with very tight stops, at high-confidence turning points.
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