Currently: Short Looking to: Cover @ 3,211
As of 9/18/20 close: 3,316.25
LAST WEEK: We suggested selling / shorting rallies up to 3,365 with stops on a close above 3,425 and with a target of 3,091 for covering. We suggested longs at 2,938.
UPDATE: S&P futures are in the middle of support at 3,298 and resistance at 3,367 – 3,382. Right now, we are of the belief that we see 3,298.25 tested and possibly broken. If broken, we should see a move down to 3,211 and possibly 2,983.50 play out. However, one support is established at any of those levels, we are anticipating a run back up towards the highs. Timing is important here due to the impending US Presidential election.
If the election results in dispute or if Trump loses, we are anticipating some short-term, potentially-violent market upset. If Trump loses, we believe he will cease any market-propping activities and let the market do what it will.
We would sell longs / get short at 3,367 with stops on a close above 3,384 and with a target for covering at 3,211. We would look to get long at 2,983.50 with stops below 2,980 and with an upside target of 3,400.
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