Currently: Short Looking to: Cover @ 2,462.50
As of 10/13/19 @ 9:00pm EST: 2,976.38
LAST WEEK: We suggested selling longs and getting short at 2,958.62 with stops above 2,965 and with a target of 2,880.
UPDATE: S&P futures jumped early Friday as shorts were scrambling for cover and longs are scrambling to add risk exposure.
If ES futures can manage a close above 2,997 on a daily basis, the bear thesis will be dead.
We would be willing to add shorts up to 2,997 with stops honored on a daily close above 2,998 and with a downside target of 2,740.
We would only be looking to buy dips if 2,997 is conquered and then would only do so on a pullback to 2,953 with stops on a close below 2,950. The upside target in that case would be 3,100.
Monday / Tuesdays close is very important for both sides.