S&P500 Futures are currently at 2904, down 32 points or 1.1 percent. It is normal for the futures to come down to retest key levels before going up, so today’s correction is not alarming, unless 2880 also breaks today itself.
According to our S&P500 Futures Technical Analysis, there are multiple supports between 2860 and 2880 levels, so the futures should find support between these levels and bounce back to retest 2950-2960 levels in the coming week.
Our Emini Futures Trading Strategy is to buy this correction while the support levels are holding up. So we will use 2860 as the stop loss. This will be a tactical trade, so traders should not load large capital here, max 50% of their usual allocation. The clean long trades will come above 2980, which is 80 points above current level.
[Bonus Trade] Buy at 2880 for Target 2900 with Stop loss 2660.