Near Term Trend: Bullish

Friday’s close: 2,470.75 (- 1.25)

UPDATE: Last week, I suggested starting to sell longs starting at 2,475 and consider getting short at 2,496.

The S&P futures peaked this week at around the 2,475 level I’ve been pointing out recently. That level may or may not hold as resistance. If it does not, look for 2,493 – 2,500 to be tested. However, I’m expecting a pullback to 2,293, 2,231 or 2,169.

I would be looking to short ES futures starting at 2,493 and would be adding up to 2,500 with stops on a close above 2,500. Look to cover down at 2,293.