Near Term Trend: Bearish / Neutral
As of 2/16/18 close: 2,736.25
UPDATE: In the 2/15/18 intra-week update, I suggested shorting ES futures near 2,740.50 with stops on a 240-minute close above that level and with a downside target of 2,316.
S&P futures tried and failed thus far to close out above the first of the four projected ceilings (2,740.50) noted in Thursdays mid-week update. Im staying with the bearish call. Looking for move to new lows near 2,316 or 2,268 now.
I would be out of longs and looking to short ES futures near 2,740.50 with stops on a close above 2,783.75 and with a target of 2,316.