S&P futures have bounced sharply over the course of this week – but that comes after an even sharper sell-off in the previous week.The net result of all this gyrating is neutral results.

The most recent bounce has the “minis” approaching the first of two potential resistance levels at 2,677.50 – with another potential layer of resistance up at 2,686.50.

If resistance holds, expect another sharp sell-off to the recent lows and potentially new short-term lows.

We would be shorting this bounce up at 2,677.50 with stops on a 240-minute close above 2,687 and with a downside target of 2,445.

Only buy dips if we get a breakout above 2,687 and subsequent pullback / retest of the breakout level.