Hello Folks, the S&P500 futures are at 3357.25
Today’s Range (so far): 3345.00 – 3369.00
S&P500 Futures Technical Analysis: The futures are trying to find support below 3350 and have bounced back from 3345 early today morning, and the momentum indicators reversing from lower levels, which is a positive sign. At the same time, the futures are facing resistance at 3360. The futures are likely to go up and retest 3375-3380, where there is major resistance. So, we can use this fact to get back into long trade in a small way, because we have already exited at 3380 in the previous trade.
Our S&P500 Futures Trading Strategy is to stay long above 3340, which is was the reversal point yesterday. So we will continue to buy the corrections, which has worked successfully in the entire uptrend since Oct 2019. The absolute stop loss on all long trades is 3320, below which the uptrend will break. The next major target is 3420, which is still on.
“Buy at 3357 for Target 3377 with Stop loss 3345.”
Please Note: The setup is not fully aligned yet, so this trade should be done with only a small part of the trading capital. The trade above 3380 for target 3420 can be taken separately with higher conviction. Thanks.
The weekly charts are still going strong with support from long term moving average and momentum indicator. Uptrend will be intact above 10 week SMA, which is at 3287.