Currently: Cash Looking to: Short @ 3,517.50
As of 10/18/20 @ 11:28pm EST: 3,483
LAST WEEK: We suggested holding longs up to 3,498 3,500 and even beyond that if things looked strong. We gave the next upside target range as 3,580 3,600.
UPDATE: S&P futures have rallied over the last few days and could rally just a bit further before we believe they will turn south again. Right now, we put potential resistance for S&P futures at 3,499.25 (already tested Friday) or 3,554. Regardless of where a ceiling is made, we believe the next move will be lower towards either 3,412.75 or 3,395.25.
We would look to sell longs / get short at 3,517.50 with stops honored on a close above 3,519.75 and would look to cover shorts at 3,412.75. We would only get long at 3,395.25 with stops on longs on a close below that and with a target for longs of 3,585.