Currently: Cash Looking to: Short now
As of 7/31/20 @ 6:38am EST: 3,255
LAST WEEK: We suggested shorting at 3,224.75 with stops honored on a daily close above 3,239 and with a target of 3,132.75. We suggested longs down at 2,943.25.
UPDATE: S&P futures got another boost Thursday night / Friday morning after great earnings reports and forecasts by the NASDAQ technology leaders AMZN, AAPL and FB.
That being noted, the rally in stocks is either at an end or close to nearing an end. We project key resistance for S&P futures to come in at either 3,284.50 or on a breakout up at 3,400 or so. Right now, we are willing to say resistance comes in between current levels (near 3,255) and 3,284.50 with a projected downside target / support at either 3,127.75 or 2,952.75. We would look to sell longs / get short at current levels with a downside target for covering and getting long at 3,127.75. Stops on longs should be honored on a close below 3,120 and the upside target for those longs will be 3,300.