The S&P500 Futures are currently at 3094.
They have been testing the support at 3080 level for last 5 days.
The futures went down today again till 3075 and bounced back to 3090.
The futures have defended 3070 level 3 times in last one week.
So the support is between 3070-3080 level.
And 3070 should be the stop loss on all long trades, even on intraday basis.
Our Emini Futures Trading Strategy is to stay long above 3070.
The target for the next upmove is 3125. We will increase long positions above 3100.
The following daily chart of the S&P500 futures shows how the recent upmove has been carrying forward smoothly above the 10 day SMA (simple moving avg). Therefore, a closing below the 10 day SMA, which is currently at 3077 is the stop loss for all long trades.
Once 10 day SMA breaks, the futures can move down rapidly to test 3000-3010 level.
Below 3070, the next major support is 3000, which becomes the target for the downside.
Here are two tactical trades that can be done by active and alert traders.
[Bonus Trade#1] Buy at 3090 for Target 3120 with Stop loss 3075.
[Bonus Trade#2] Sell at 3070 for Target 3040 with Stop loss 3085.