Hello Folks, the S&P500 Futures are currently at 2983. This is a complex congestion zone between 2950 and 2980, where the futures are trying to form a base for upmove above 3000 but they have been failing to do that.

Our S&P500 Futures Trading Strategy is to stay long above 2980 for target 3080, with 2960 as the stop. Given the red candle of last week, there is weakness which needs decisive confrontation and that will be possible by two daily closings above 3000.

The 200 SMA line on the hourly chart is at 2990, which is the current main resistance level. So the futures will continue to face resistance between 2990-3000 level, like last week. Only above 3000, we will see better buying strength.

[Bonus Trade] Buy at 3000 for Target 3023 with Stop loss 2980.

Please Note: Below 2960, downsides will open up all the way down till 2900 and 2880 level. So 2960 should be the absolute stop loss for all long positions in S&P500 Futures.