Currently: Cash Looking to: Short @ 2891
As of 5/17/19 close: 2,862
LAST WEEK: We suggested covering shorts at 2,807 and looking to get long at 2,790 with stops on a close below 2,785 and with a target of 2,960.
UPDATE: With last weeks trading, our short-covering target of 2,807 was hit. But, the long-side entry price was not tested (unfortunately). Right now, we can see the market going much higher OR much lower. If 2891 and 2906 are taken out on the upside, all hope for the bears in this cycle is lost and any remaining bearish bets should be covered. However, if either of those levels holds, we still could see downside to 2752 or 2720 in the short-term. 100-day, 200-day and 400-day moving averages are included on the chart all well below current price (healthy). Watch the 100-day (see yellow circles). Short @ 2891 w/ stops > 2906 and with a target of 2752.