Hello Folks, the S&P500 futures are at 3320.50
Today’s Range: 3294.50 – 3323.00
The following Optional Trade, or Bonus Trade given yesterday got activated today morning at 3300, and got completed by eod today itself at 3320, giving 20 points gain.
“Buy at 3300 for Target 3320 with Stop loss 3280.”
It could have been a General Trade, but the set up was a bit less reliable that what we would like to have for a General Trade. Plus we would put to risk the 20 points we have already made earlier this month.
All along, we were sure of the futures hitting 3300 during Jan 2020, and the way they moved up today morning with a gap-up, it indicated clear buying strength, with increasing momentum. 3320 was visible as the target, but the path was not clear. We are glad it has given gains to several traders who used that input. 3325 may come tomorrow and the second Optional Trade can also complete, from 3305 to 3325.
Just fyi, it takes a lot more thought and analysis when we are trading at lifetime high levels like today, because we have no reference points from previous market action at that level, and we have to create them ourselves. We have to remain long, and we have to remain cautious. Thanks.