Currently: Short Looking to: Cover @ 2,632
As of 2/17/19 at 10:32pm EST: 2,778.75
UPDATE: Last week, I suggested shorting bounces to 2,705 with stops above 2,735 and with a target of
2,632. We then suggested buying at 2,627.
Stocks pressed higher last week due to US / China hopes. Technically, though, we can use Fibonacci extension lines to project next possible resistance up
at 2,780.50. At this point, we would anticipate 2,780.50 holding as resistance and for a pullback to
2,632 to commence.
That being noted, we would be looking to sell longs and get short at or near 2,780 with stops on a daily close above 2,785 and with a downside target of 2,632.