Emini S&P Headed Lower
Jason Sen | Mar 22, 2017 07:01AM ET
Emini S&P headed lower exactly as predicted to hit the 2352/51 target and in fact continued lower to 2337 as I write. It was a very risky call to expect such a correction in a bull trend so I'm very happy (and happy with my short position and long VIX). Further losses are likely, so it is worth holding our shorts targeting 2332/31, 2325 and perhaps as far as strong support at 2317/15. At this stage we should be profit taking on the approach to this support. A good chance of a low for the day. Try longs with stops below 2310.
We meet quite strong short term resistance at 2348/50 on any bounce. Try shorts with stops above 2356. If we continue higher look for a selling opportunity at 2368/70, with stops above 2376.
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