Currently: Long Looking to: Sell / short at 3,487
As of 2/21/20 as of 2:15pm EST: 3,333.88
LAST WEEK: We suggested selling longs / getting short of ES futures at 3,487 with stops honored on a close above 3,525 and with a downside target of 3,213.
UPDATE: S&P futures pulled back late this week in response to coronavirus fears re-emerging. However, the pullback thus far has been mild and short-term support at 3,335.50 has held (although being tested now). Below that support level, the next
layer of support comes in at 3,303.50. As long as either of those support levels holds up, the upside target range we have previously given 3,487 3,525 remains intact.
We would buy ES futures near 3,335.50 with stops honored on a daily close below 3,333 and would use an upside target for profit-taking of 3,487. We would start shorting at 3,487 as
well and would add up to 3,525. The downside target on shorts will be 3,360 initially.