Currently: Cash Looking to: Short @ 2848.25
As of 5/24/19 close: 2,830.75
LAST WEEK: We suggested shorting bounces to 2,891 with stops above 2,906 and with a target of 2,,752.
UPDATE: ES futures had a very difficult week Fridays upside notwithstanding. The chart shows us that ES futures have some short-term resistance at 2,838 and 2,848.25. If they can close above the higher of those two levels on a 4-hour basis, the target ceiling then becomes 2,892.50. However, if 2,848.25 or lower holds as resistance, we could see things deteriorate in a hurry.
We would be shorting bounces to 2,848.25 with stops on a 4-hour close above that level and with a downside target of 2,752 for covering. We will be looking to get long either at 2,752 or 2,720 depending on the pattern that leads up to a test of those levels.