Currently: Short Looking to: Cover / buy @ 2,528
As of 5/15/20 close: 2,854.25
LAST WEEK: We suggested selling longs at 2,944 and shorting between there and 2,951.63 with stops honored on a monthly close above 2,944 and with a target of 1,800.
UPDATE: Stocks are still below key monthly resistance noted here last week. No changes to the prognosis or calls this week.
We would be looking to sell longs / get short of stocks on bounces in S&P futures to 2,875 with stops honored on a monthly close above 2,944 and with a downside target of 2,643 for covering shorts.
We would look to get aggressively long of stocks on a test of 2,529 for S&P futures. Honor stops on a daily close below 2,495 and look to take profits on longs up at 2,825.