Quick update on the levels:
- Intraday trading support comes in at 1899.Traders will be going long as close to that level as possible and stopping out on any 240-minute close below 1898.The upside target for the trade will likely be 1934.
- Intermediate / swing price target range remains down at 1831- 1872.
What to do?
- Traders can buy close to 1899 and hold until 1934 is tested with stops in place on any 240-minute close below 1898.Then, short the futures at 1934 with stops in place on any close above 1935 on a 240-minute and a downside target of 1900.
- Longer-term investors should already be in cash equivalents or bonds.If not, wait it out and you may see a bounce eventually that takes the futures back up to 1950.That’s where you could / should shed your equity holdings.