Emini Futures Trading Analysis- 29Apr2020

Hello Folks, the S&P500 futures are at 2934.00
Today’s Range (so far): 2870.75 – 2935.25

The futures have bounced back today after hitting our Stop loss at 2880 yesterday, during the unexpected 70 point fall from 2913 till 2851.

Unfortunately, our carefully selected General Trade hit 20 points stop loss yesterday (though it was with only 20% position size). And now the futures have gone up and hit 2930, the target we had for that trade. It
feels bad to be in that situation. In normal markets, we may have bought back the futures 20 points below stop loss to reestablish the positions, but the current market can go anywhere rapidly, so we could not take that risk.

2880 is the critical level and the futures bounced above it in early morning trade. Near-term targets are 2930, 2950 and 3000, but the volatility is still high to do a General Trade. In addition, the US Fed meeting notes will come today, which can move the futures rapidly up/down.

Here is a new Optional Trade for Traders with 10+ contracts.
“Buy 1-2 contracts at 2920 for Target 2960 with Stop loss 2880”

The previous Optional Trade hit Target 2930 today.
“Buy 1-2 contracts at 2880 for Target 2930 with Stop loss 2850”
The Stop loss 2850 was saved by just 1 point yesterday as the day low was 2851. Only the trades with wide stop are succeeding, which indicates volatile markets.

Please Note: All Traders can continue to buy SPXL ETF. Its currently at $37, and it can move to $45. I had asked all Traders to buy at $22 onwards, because while its difficult to manage wide stops with futuresin volatile markets, there is no such difficulty with this 3X leveraged ETF. Thanks.

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