Currently: Short Looking to: Cover @ 2,007
As of 1/22/21 close: 2,164
LAST WEEK: We suggested shorting at last weeks levels with stops on a close above 2,171.70 and with a covering target of 2,007. We also suggested new longs at 1,912.40 with stops below 1,895 and with a target of 2,171.
UPDATE: Small caps finished modestly higher for the week last week and are still below the upper edge of our projected resistance at 2,171.70. We remain of the view that smalls will dip in the near-term to at least 2,007. We would short at current levels with stops on a close above 2,175 and with a target for covering shorts and getting long at 2,007. The upside target on longs will be 2,300.