Afternoon update

Obviously a nice downside reversal occurred prior to 2pm (the 240-minute close) turning the bearish trade in our favor.

I would be holding overnight, but would be ready for some volatility tomorrow morning with the jobs report due out at 8:30am EST. If you're not comfortable taking a chance on the jobs report reaction, take profits on QID (our S&P futures bearish proxy) before 4pm.

Target for the short - for those electing to hold overnight - remains 1870 on the S&P futures. We need a 240-minute close below 1931 to confirm we're correct in our bearish posture.

Target for aggressive new long positions after that is 1831 - 1835.

Posted to Peak Analytics' Direction F… on Sep 03, 2015 — 3:09 PM
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