Currently: Cash Looking to: Short @ 3027
As of 7/5/19 close: 2,991.88
LAST WEEK: We suggested selling longs immediately and looking to get short between last weeks levels and 3,027 with stop on a close above 3,035. We gave a target of 2,437.
UPDATE: Stocks pulled back Friday morning, but then recovered by the end of the session in light holiday trading. Last weeks peak was 3,006 just below adjusted resistance.
Based on last weeks trading and the overall pattern that has developed, we now have possible ceilings coming in at 3,019.50 and 3,208. Our pullback targets based on Fibonacci retracement lines from the 2009 low to the projected high come in at 2,465, 2,121, 1,843 and 1,565.
We would continue to be selling longs and getting short up to 3,019.50 with stops on a close above 3,028 and would use 2,465 as the downside target initially.