Hello Folks, the futures closed Feb 29 at 1929 but there are likely to open higher today on March 1st. We had no trade on the last day of Feb. We shall start March from today. Global markets are positive and we had good gains in Asia today.
On the S&P500 futures, there is support at 1930-1940 levels, which can help the futures move up towards 1970 level. In fact our last successful trade was from 1950 to 1968. So this zone has been tested by the market, and once market conditions are suitable, 1970 will be crossed. As of now, the major resistance is around 1990-2000 level. However, the base built over last 2 months (Jan, Feb 2016) can help in going higher IF global market conditions are positive.
This is election year in the US, and we should be prepared to hear high decibel messages, and ongoing references to banking and healthcare industry. There is no new trade as of now, and we will send an update after the US markets start. Thanks.