Currently: Cash Looking to: Buy here / sell @ 3,132
As of 5/29/20 close: 3,042
LAST WEEK: We suggested selling longs / getting short immediately with stops honored on a monthly close above 2,944.75 and with a downside target of 2,643.
UPDATE: S&P futures managed to close the week and month out above any conceivable bearish resistance levels this week. That shifts our thinking form sell the rip to buy the dip. This run will come to an end in the short-term at either 3,052.13 (already tested last week) or 3,132.25. If the former holds as resistance, look for a pullback to either 2,896 or 2,806. If the latter ends up being the ceiling, look for a pullback to either 2,965 or 2,781. Were in the camp that sees 3,132 holding and for a pullback to 2,965 to play out. We would buy at current levels on Monday with a target for selling / shorting at 3,132. Honor stops on shorts on a close above 3,140.