Currently: Cash Looking to: Buy @ 3,748
As of 1/8/21 close: 3,817.50
LAST WEEK: We suggested shorting at last weeks levels with stops on a close above 3,760 and with a covering target at 3,633. We suggested new longs at 3,555 with stops on a close below 3,550 and with a target for selling at 4,000.
UPDATE: S&P futures eclipsed our projected target of 3,760. This week, we decided to take a look at a weekly chart of ES futures to get a better feel for where things stand long-term. The upside target range based on this view comes in at 4,078 4,200. That is still enough upside to justify trying to buy dips.
We would look to buy dips in ES futures to 3,748 with stops honored on a close below 3,652 and with an upside target for taking profits at 4,078. Shorts can be attempted up at 4,200 with a downside target of 3,750.