Hello Folks, the S&P500 futures are at 2827.00
Today’s Range: 2755.00 – 2834.50
The S&P500 futures came till 2836 yesterday, and then sharply fell to 2785 within 3 minutes after negative news related to Coronavirus vaccine. It was a 50 point cut in 3 minutes, which would have taken out a lot of stop
losses. The futures went till about 2755 yesterday but did not break 2750. That is positive, and they are again up today at nearly 2830. This is a bullish sign. I think the futures will test 2900 in the coming days.
The major resistance has been around 2850-2880. Above 2880, this resistance will be taken out, and S&P500 Trend will be firmly up. We may get a chance to do General Trade (for all Traders) above 2880, even if its with a smaller position size. I am watching the market closely to see how can we use the current bullish setup of today for our trade next week. Above 2900, the target will be 2930.
“Buy at 2880 for Target 2930 with Stop loss 2850”
The above trade will trigger at 2880 and has 30 points risk for 50 points reward. All trades should be done with smaller than usual position size because of volatile markets. Thanks.