Hello Folks, the S&P500 futures are currently at 3116.00
Today’s Range (so far): 3081.75 – 3117.25

The futures have recovered more than 40 points from their low yesterday at 3070, and they also have successfully tested the key support level of 3070-3075 yesterday. But we may see one more testing of the 3080 support level, before any real upmove again, because it is very important to be sure that this 3070-3080 support level is intact.

If 3070 support holds, then the futures bounce back above 3100 rapidly, and the next major target is 3180, with major resistance at 3140. So all long trades should be closed around 3140, and one can start new long trades above 3155-3160 to be sure that that the 3140 resistance level has been taken out.

Based on how the 5 day SMA has cut below the 10 day SMA, we may see higher volatility in next few days as the market participants decide the next direction.

This is the 1st General Trade of Dec 2019 (closed)
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Buy at 3100 for Target 3120 with Stop loss 3080
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Please Note:
(a) The above trade is with 5 Micros for Traders who usually trade with 1-5 Emini Futures. So 5 Micros, instead of 1 Emini futures contract, or half the position size.
(b) For traders who are trading with 5-10 Emini contracts, they can continue to trade with Emini futures and buy half the usual contracts. Thanks.

Traders with 10+ Emini contracts:
Today morning was another opportunity to do our default long trade, which we have done about a dozen times this year.  Optional Trade with 2-3 contracts:
“Buy at 3100 for Target 3130 with Stop loss 3080” (This has already started at 3100)
Please Note: The above Optional Trade is only for large traders who can take higher risk with a part of their capital.