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.
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