The S&P500 Emini futures are currently at 3121, at the time of closing for the day.
The futures fell sharply intraday to 3111 but managed to bounced back by the end of the day to 3121, thereby showing that there is still enough buying strength in this market, and even a bearish looking setup was rapidly avoided and used for adding long positions by the buyers.
We have a doji like candle today, and therefore, tomorrow’s price action will be very important, and it can create a big 25-30 point move either on the upside or downside. Today’s high was 3127.50, so the futures will become bullish above 3128 for at least 20 points more gain, so 3150 will be immediate target above 3128. On the other hand, the futures will become bearish below today’s low of 3111, and 3080 will become the immediate downside target. So we now have a market which can move rapidly between 3080 and 3150.
The S&P500 index is in strong uptrend above 3000 level. The S&P500 futures have come up above 3100 after testing the 3070-3080 support level for a many days, so that support level is strongly in place.
Our Emini Futures Trading Strategy is to stay long, and keep buying on corrections, as long as the futures are above 3080.
[Bonus Trade] Buy at 3121 for Target 3145 with Stop loss 3110.
Today’s low is 3111, so 3110 is an ideal stop loss for this trade.