Hello Folks, the S&P500 futures are at 3360.00
The futures broke out of 3340 resistance after market hours yesterday and moved up till 3374, and corrected back to 3360 by end of day.
These days, we are seeing the exact opposite in Feb 2020 compared to Aug 2019. In Aug 2019, we had constant selling and gap downs in after market, and now we are seeing constant gap up in after market. But then, Aug 2019 was the low point in that market cycle, so is this a near term top? We have to be careful.
As mentioned in previous mails, above 3300, the upside target of 3350-3360 is there, but it was not a reliable path because of the resistance at 3340. That’s why we didn’t do a new Optional Trade for target 3360. We have no new trade as of now.
When the SP500 futures were near day high at 3373, I posted on Twitter to a larger group of traders who follow me for market inputs.
You can also follow me on Twitter if you are a regular user there. Otherwise, no worries. All important updates will come first to our Trading Group via email.
Please Note: S&P500 futures at 3350 have done 1000 points rally from Dec 2018 lows of 2350, in under 14 months! And it’s 500 points rally from 2850, the sell-off level in Nov 2018 and Aug 2019. So 2850 is the base now. Our major target for 2020 is 3600, so there is enough upside. Thanks.