Near Term Trend: Bullish
Fridays close: 2,470 (- 1.25)
UPDATE: Last week, I suggested holding longs until 2,475 and then looking to short up at 2,489 with a downside target of 2,321.
The S&P futures rallied all the way up to the initial target of 2,475 this week and backed off mildly. I now see 2,496 2,497 as being the top of the resistance range.
I suggest continuing to lighten up on longs starting at 2,475 (if you havent already) and then looking to short up at 2,496 with stops in place on any daily close above 2,501. Use a downside target of 2,315.