Currently: Cash Looking to: Buy here
As of 3/20/20 5:00PM EST close: 2,267.88
LAST WEEK: We suggested buying at 2,419.75 with stops honored on a weekly close below 2,390 and with a target of 2,944.
UPDATE: S&P futures have broken and closed below both the 2018 low and the weekly correction support levels now. The next possible support on the downside is the 2017 Inauguration Day close at 2,266. That level was approached after the close of normal trading on Friday. Below that, the 2016 Election Low comes in at 2,028.50. Right now, we believe 2,266 may hold and that a bounce perhaps sizeable will play out with a likely ceiling at either 2,747.25 or 2,919. We would look to buy here with an upside target of 2,747.25 for selling longs. You can look to short bounces at either 2,747.25 with stops > 2,750 and with a target of 2,028.50.