Currently: Cash Looking to: Buy @ 3,859.75
As of 2/19/21 close: 3,903.00
LAST WEEK: We suggested buying dips to 3,878.25 with stops on a close below 3,870 and with a profit-taking target of 4,000. We noted we would only short at 4,200.
UPDATE: S&P futures finished last week with a whimper something that had not occurred for quite a while. Right now, it looks like there is a band of support for the ES futures at 3,838.75 3,859.75 and a band of resistance at 3,959.25 3,980. If the higher support holds if tested, the upside target on the following rally will be the higher resistance. If the lower support is tested and holds, the upside target on the following rally will be the lower resistance.
We would look to buy dips to 3,859.75 with stops on a close below 3,837 and with an upside target of 3,980. No shorting of S&P futures until after the next stiumulus plan is passed in D.C.