Hello Folks, the S&P500 futures are at 3260.00
Today’s Range (so far): 3239.00 – 3263.50
There is a strong resistance at 3260-3265, and the futures have not been able to cross it since yesterday morning despite 3-4 attempts. Active traders can create new longs above 3265 for target 3290-3300, with stop loss 3230-3240. Above 3300, the futures will be back on strong ground, and upside target will be 3330 and 3360.
We must be cautious here. Its a very complex market condition. Another 100 point fall can also come, to test 3150 level. So, our Emini Futures Trading Strategy currently is to control position size, and wait for the SP500 futures to move above resistance levels of 3265.
“Buy at 3265 for Target 3285 with Stop loss 3240.”
For any new General Trade that is suitable for all traders including those with just 1 Emini contracts, we will need double confirmation of the setup. We want to cross key support levels like 3280, and we want rising momentum. They may both come together. We will share more updates by email later today. Thanks.
Update: Within 2 minutes of the above post, the SP500 futures fell from 3260 to 3253.
That’s why we have to be very careful in this market. The risk can expand rapidly.
Please be careful, and don’t increase position size. Thanks.