After taking out the 2760 key level in the overnight futures markets, S&P 500 Index has tested another key level today – the 2740 that we have been reiterating for 12 straight days in a row! Today, the index approached that level with the session low (so far, as of 10:52am EDT) registered at 2743.19 and then rebounded off of that (currently at 2751.90)!
Intraday aggressive models indicate that the low for the day might have been already set at 2743.19 (we shall revisit this after the market close to see how accurate their call is – it has been accurate so far on all the days they indicated this).
Aggressive intraday traders might want to close out any short positions at this level if not already closed out after the break above 2750. Avoid new short selling unless the index breaks below 2745. Consider trading from the long side with stop loss at 2742.
Happy and Safe trading/investing!