The S&P500 futures are at 4372.
The futures have made a good recovery from the sudden fall last week. Our analysis was showing a recovery to 4230 level, and we shared an Optional Trade based on that analysis for Traders who trade with multiple contracts.
[Optional Trade#2] Update – Target hit at 4325 (30 point gain)
“Buy at 4295 for Target 4325 with Stop 4280”
But the momentum has been falling as the futures moved up above 4350, which doesn’t look like a safe setup for a new long trade. So we will wait and watch this week. On July 16th, there is monthly derivatives expiry, so some volatility should be expected over next 2-3 days. Overall, the setup is getting suitable for a trade.
Our S&P500 futures trading strategy for near term remains same:
“Stay long above 4300 for target 4400”.
The futures have a good support at 4330, and we will try to take a long trade around that level, between 4330-4340. We will get back to you with further analysis after market close today. Thanks.