We’re short the E-Mini S&P from last week’s high, but I’ve provided a strategy for going long ‘against the box’ to take advantage of an attractive downside target where a strong bounce seems likely.  There are two ways to play, but if you are unable to buy ES contracts against those you are already short, you can hedge with SPY calls as advised. The short should be maintained in any event, but please note there is a stop-loss on the prospective long.