Currently: Cash Looking to: Buy @ 3,748
As of 1/8/21 close: 3,817.50
LAST WEEK: We suggested shorting at last week’s levels with stops on a close above 3,760 and with a covering target at 3,633. We suggested new longs at 3,555 with stops on a close below 3,550 and with a target for selling at 4,000.
UPDATE: S&P futures eclipsed our projected target of 3,760. This week, we decided to take a look at a weekly chart of ES futures to get a better feel for where things stand long-term. The upside target range based on this view comes in at 4,078 – 4,200. That is still enough upside to justify trying to buy dips.
We would look to buy dips in ES futures to 3,748 with stops honored on a close below 3,652 and with an upside target for taking profits at 4,078. Shorts can be attempted up at 4,200 with a downside target of 3,750.