In my last post I pointed out the two bear stop harvesting targets after the counter-trend sell buy-to-cover target was achieved–and also the minimum requirement for a new short-term pivot high to potentially form on the S&P 500 Futures. All of those minimum objectives have now been met.
Day traders have to be nimble to catch the counter-trend pullbacks in a raging bull market. That’s what the 2443.50 to 2412.50 trade was. The snapback rally from that stop sweep reversal under 2412.50 now is back to just beneath where that counter-trend move started. Bull markets are merciless for bears who overstay their welcome, and many of those bears just got washed out.
Let’s watch and see what happens next after the bear stops are digested. If they don’t pull it back here, the next targets higher are at 2445, 2447.50, and then new highs above 2451.50. Short-term trading range is now 2402.25 to 2451.50, with ES 2402.25 continuing to be very important for reasons explained in my last post.