Currently: Long Looking to: Sell @ 2900
As of 3/29/20 @ 7:29pm EST: 2,482.12
LAST WEEK: We suggested buying at last weeks levels near 2,266 with an upside target of 2,747.25 for selling and getting short.
UPDATE: S&P futures sold off Friday and into the beginning of this new week after a viscious rally off of the recent lows. That rally appears to us to have been wave a of an abc upside correction. Wave b may take prices down to just above 2,400. From there, we should, in theory, see a move up to 2,900 2,919. If we are correct in our read of things, a real top should be made there and a subsequent drop to 1700 1,820 may play out. Traders can buy the dip to 2,409 with stops on a close below 2,375 and with a target of 2,900. We would look to short at 2,900 with stops on a monthly close above 2,950 and with a target of 1,752.