Today's S&P 500 movement likely confirmed we are on a new uptrend for the S&P. The previous resistance, 700, has been broken and we are closing at a healthy 720 level.
This is a relatively fresh uptrend. So I do not expect a big retrace. I will be trying to enter a ES long position at 703-704 level, with a 735 target in mind. I think it is quite possible for ES to eventually reach the 750 level, but because we are in a deep bear market, I rather use 750 as a potential short entry than a long target.
Position disclosure: Short Put 725 ES.
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