Near Term Trend: Bearish / Neutral
As of 3/16/18 close: 2,756
UPDATE: Last week, I suggested shorting anew up at 2,883.50 with stops above 2,900 and with a downside target of 2,591. Also noted was that a close above 2,794.75 was needed to confirm a test of the highs was coming.
Well, the 2,794.75 hurdle was not cleared this week (on a daily closing basis). Thats not to say it wont be conquered just that it didnt happen this week. Very low conviction on the next days moves here. But, high conviction that the next big move will be lower.
Im willing to short near 2794.75 with stops above it on a daily close and with 2,514 target. If stopped, try again up at 2,883.50 as noted last week.