Currently: Short Looking to: Cover @ 3,181
As of 8/7/20 close: 3,344.75
LAST WEEK: We suggested selling longs / getting short at immediately with a target of 3,127.75 for covering and getting long.
UPDATE: S&P futures tested the upper edge of the long-term uptrend channel mentioned here recently. The channel is rising, so the exact resistance is more of a range than an exact price level. At this point, that range comes in at 3,340 3,370. Once a peak is made in this range, we are looking for a drop to either 3,181, 3,078 or 2,995.
We would look to sell longs / get short here with stops honored on a close above 3,400 and with a target for covering down at 3,181. We would look to get long on an extended drop to 2,995 with stops honored on a close below 2,985 and with an upside target of 3,500.