Stocks are pulling back and investor uncertainty is rising.
This shouldn’t be a surprise, as the S&P 500 Index is very overbought and in need of a pullback.
The S&P 500 also came close to our long-term target 3180, prompting us to turn “neutral” last week.
Short positions are working right now and our downside price targets are 3080, then 3014 on S&P 500 Index futures.
The MACD is hooking lower, so caution is advised.
Note that our MFU-3 target of 3014 is near the up-trend channel support.
S&P 500 Index Futures Chart
The author may hold positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.