Near Term Trend: Bearish / Neutral
As of 2/9/18 close: 2,621.50
UPDATE: In the 2/8/18 update, I advised expecting a drop to the recent lows near 2,540 in advance of a bounce to 2,698 or 2,757. I also noted that I expect another market drop to 2,268 2,316 after that.
S&P futures tested 2,540 and rallied sharply off of that level late on Friday. Im expecting the bounce up to 2,698 2,757 to play out before sellers re-emerge. I would be surprised if 2,757 is conquered, though.
I would be shorting / re-shorting ES futures at 2,698 or 2,757 if tested in advance of a drop to 2,316. No buying if you didnt get the 2,540 entry on Friday. Honor stops on daily closes above 2,600 and 2,760, respectively.