Currently: Short Looking to: Cover / get long @ 3,015
As of 12/8/19 @ 10:02pm EST: 3,142.38
LAST WEEK: We suggested selling longs at 3191 and hedging up to 3,245 with a downside target of 3,015 for covering and getting long.
UPDATE: S&P futures traded bullishly into the weekend thanks in part to the upside surprise on the monthly jobs numbers out of the U.S.
The monthly chart here shows the long-term uptrend channel on the S&P futures. The upper edge of that channel comes into play right at the first of two Elliott Wave targets at 3,191 (with 3,245 looming above that).
We would hold longs until 3,191 and would then look to sell there and get short between there and 3,245. Stops on shorts should be honored on a close above 3,245 (on a monthly basis) and the downside target will be 3,015 for covering and getting long.