Hello Folks, the S&P500 futures are at 3285.00
Today’s Range (so far): 3236.50 – 3289.50
The futures have crossed 3280 in pre-market trading, while the S&P500
index closed at 3248 yesterday. So nearly 40 points have been added in
overnight and pre-market trading, which is very rare. So the sharp
corrections are being met with equally sharp rally, which is positive sign
for the market.
S&P500 Futures Technical Analysis
The key support level is 3280. Above 3280, safety starts.
Above 3300, new long trades can be done for target 3320 and 3330.
Buy at 3290 for Target 3320 with Stop loss 3270.
Trade update: The above trade was completed on 05Feb2020, within 24 hours.
- The main point that’s visible now, is that the way the futures have recovered from hitting a low of 3213, and testing 3230 couple of times, back above 3280 – that’s a
bullish pattern. Our Emini Futures Trading Strategy is to stay long above 3280.
- The futures have tested 3250 and 3230 level successfully and have moved up
– all in one day. That indicates buying strength. Some of the damage done
on Friday has been corrected now, and some more will get corrected if the
futures start trading above 3300. Thanks.