Near Term Trend: Bearish / Neutral
As of 3/9/18 close: 2,788.75
UPDATE: In Fridays update, I noted I would be willing to short at 2,785.25 with stops honored on a close above 2,785.25. My target was 2,660.
Well, Fridays closing resistance failed to hold up. That means we should be looking at a test of the all-time highs in all likelihood. A daily close above the recent pivot / peak at 2,794.75 will confirm the highs at 2,883.50 will be tested.
Im still fairly convinced well see more downside soon. Im willing to start up new shorts as 2,883.50 is approached or tested. Id honor stops on a daily close above 2,900 and I would look to cover those shorts at 2,591.