Currently: Cash Looking to: Short here; cover @ 3,498.75
As of 11/27/20 close: 3,636.50
LAST WEEK: We suggested shorting bounces to 3,580.75 with stops above 3,604.50 and with a target for covering and getting long at 3,475. Stops on longs were to be honored on a close below 3,470 and the upside targets were 3,655.
UPDATE: S&P futures are absolutely in a bullish technical posture right now. Long-term and mid-term targets are higher for sure. But, short-term it appears to us like they can pull back to at least 3,490 3,500 before rallying even further. The upside targets on the next rally continue to be up at 3,655 3,729.
We would look to short up to 3,668 with stops on a close above 3,700 and would look to cover / get long at 3,499. Stops on longs should be honored on a close below 3,490 and the upside target for profit-taking on longs will be 3,668. We would look to re-short ES futures on an extended rally up to 3,729.