Currently: Long Looking to: Sell / short at 3,487
As of 2/13/20 as of 6:42pm EST: 3,376.75
LAST WEEK: We suggested covering shorts and getting long at 3,292 with stops honored on a daily close below 3,290 and with an upside target of 3,487. We suggested shorts at 3,487
3,525 with a downside target of 3,213.
UPDATE: Longs should have been triggered on the dip in prices on Monday where 3,244.88 was tested. Since that test, ES futures have been rising nicely despite all of the nonsense in Washington, Iowa and New Hampshire AND despite the coronavirus threat.
Right now, it appears that we may see 3,487 projected resistance be tested in the coming days / weeks. We may even see the upper edge of resistance at 3,525 be tested as well.
Once a ceiling is set, we will be looking for a dip back down to
3,213. We would look to sell longs / get short of ES futures up at 3,487 with stops honored on a close above 3,525 and would look to cover and get long again down at 3,213. The upside
target on those longs will be a re-test of 3,487 3,525.