The S&P500 Futures are currently at 3021 and they have made a big upmove today on the back of positive news from US- China trade war deal. The futures have been moving above their key moving averages on both daily and weekly charts, and today’s upmove was facilitated with that favorable setup. However, the last few days have seen a complex consolidation around 2980-3000 level, and if the upmove is real, then it should make a new high following this upmove.
Our Emini Futures Trading Strategy is to keep taking long trades, like we have been doing all along, while the futures are above their 200 day moving average. A clean trade will be possible above 3030. The absolute stop loss for any long trade now is 3000, which is also the base of today’s upmove.
[Bonus Trade] Buy at 3030 for Target 3080 with Stop loss 3000.