Near Term Trend: Neutral / bearish
Fridays close: 2,425.25 (- 4.50)
UPDATE: Last week, I suggested covering short positions at 2,415 and then looking to re-short on a bounce to 2,450 2,460.
The ES futures were well on their way towards the 2,415 projected support level (where shorts were to be covered) before the Bannon-exit news hit on Friday and caused a brief short squeeze. New important ST support at 2,409.25. Below that comes either 2,387 or 2,315. Above support could mean a run to the highs. Watch carefully!
I would be covering shorts at 2,409.25 and then looking to re-short on a bounce to 2,455 2,460 with stops on a close above 2,462 and a downside target of 2,321.