Currently: Short Looking to: Cover @ 2,462.50
As of 9/27/19 close: 2,968.38
LAST WEEK: We suggested shorting between 3,000 and 3,024 with stops honored on a weekly close above 3,025 and with a target of 2,462.50.
UPDATE: S&P futures in the very short-term are stuck between new ST resistance at 2,994.88 and daily closing support at 2,968.36 (that level barely held on Friday).
A break and daily close below support will beget even more selling pressure as the computers sell programs will kick into gear. On the other hand, a move above 2,994.88 will spur on a flurry of short-covering. Were still of the belief that the former happens and not the latter.
We would stay with existing shorts. For new shorts, look to initiate trades up at 2,994.88 with stops on a close above 2,996 and with a downside target of 2,462.50.
No new longs right now.