Currently: Short Looking to: Cover @ 2,953
As of 10/18/19 close: 2,988.25
LAST WEEK: We suggested selling longs and getting short at 2,997 w/ stops above 2,998 and with a target of 2,740.
UPDATE: Brexit hopes, quiet on the US / China front and the Feds pumping liquidity into troubled markets have had the bulls pressing things to the upside.
Technically, ES futures did barely break out above 2,997 daily closing resistance. As unconvinced as we are in any upside right now, we have to respect the breakout. Look for a pullback to ST support and then one more rally to test highs.
Well be looking to cover shorts and get long at 2,953 with stops below 2,945 and with a target of 3,024. Well be shorting up there for a longer-term hold.