Currently: Long Looking to: Sell @ 3,951; short @ 4,075
As of 1/15/21 close: 3,762.25
LAST WEEK: We suggested buying dips in ES futures to 3,748 with stops honored on a close below 3,652 and with an upside target of 4,078.
UPDATE: S&P futures pulled back from the highs near 3,820 last week and tested initial support at 3,747.25. Right now, we are of the opinion that support holds and that we see another upside run commencing soon. The anticipated rally should, in theory, take prices up to 3,951.50 at the very least.
We would cover shorts and get long immediately with stops honored on a daily close below 3,747 and with an upside target for selling longs at 3,951.
We would only look to get short on an extended move up to 4,075 with stops honored on a close above 4,118 and with a downside target for covering / getting long at 3,672.