Hello Folks, the S&P500 futures are at 3274.00
Today’s Range: 3257.50 – 3274.50
After the very big green day yesterday by S&P500 futures, which hit new highs, we were expecting some more follow up action today, and that is playing out as expected. The futures are heading towards our target 3280, which may come later today. So the upside room at current level is looking about 10 points more and we may get some resistance or selling pressure at 3280 level. 3300 is also possible by end of Friday, if 3280 can be crossed with strength.
S&P500 Futures Technical Analysis shows that the nearest support level is between 3240-3250, and next major support is at 3220. So any new long trade here will need a wide Stop loss. So we will wait and watch. We already have Optional Trades with targets of 3278 and 3280, but there is no new General Trade as of now.
The S&P500 trend is clearly up, as we have been saying for last several weeks. Our Emini Futures Trading Strategy is to buy on corrections. All corrections have been strong buying opportunities. The weekly chart of S&P500 futures is looking bullish, with the ability to cross 3300 without any difficulty in the coming week. Thanks.
Traders can buy on corrections near 3260 for Target 3290 with Stop loss 3230.