Currently: Short Looking to: Cover @ 3,475
As of 11/20/20 close: 3,554.25
LAST WEEK: We suggested selling longs / getting short at 3,588 with stops on a close above 3,597 and with a target for covering / getting long at 3,440.50.
UPDATE: S&P futures are having a hard time making any significant upside progress with all of the potentially troubling newsflow out there. On the other hand, they are not collapsing either.
Technically, it appears like the S&P futures have resistance at 3,580.75 and a downside target on a continued pullback of 3,474 or 3,427. Assuming one of those support levels holds, we are expecting another strong upside move to take prices to 3,655 3,729.
We would look to short bounces to 3,580.75 with stops on a close above 3,604.50 and with a target for covering at 3,475. We would look to get long there with stops honored on a close below 3,470 and with a target of 3,655. If stopped out of longs, try them again at 3,427 with stops on a close below 3,424 and look to hold on for a rally up to 3,655.