Currently: Cash Looking to: Short @ 3,224.75
As of 7/24/20 close: 3,203.50
LAST WEEK: We suggested shorting at last weeks levels with stops on a daily close above 3,236 and with a target for covering at 3,007. We suggested longs at 2,920.
UPDATE: S&P futures have started to pull back after a combination of stretched valuations and technicals along with some iffy earnings reports out of tech leadership all weighted
down the equity markets. This looks to us like it is a normal pullback in an longer-term bull move. But, there should be some more downside action in the short-term.
We would look to short at 3,224.75 with stops honored on a daily close above 3,239 and with a target for covering at 3,132.75. We would then look to get long on an extended drop
to 2,963.25 with stops honored on a close below 2,943.25 and with an upside target of 3,186.75.