Hello Folks, the S&P500 futures are making a very bullish move after a month long fall in May 2019. Nice to see a lovely green day after many red days! And 2800 level is back! This was given as a target at 2750, and it has come within 48 hours.
#SP500 futures are currently at 2805, well above their 200 day moving average of 2770, so we are back on positive ground again, and from here, the default direction is up. Immediate target 2825, which would be 100 points up from yesterday’s low of 2725, so 20 points upside is clearly visible before any major profit taking comes.
There is an old resistance at 2830, which is also now coinciding with 20 day moving average, so we should expect a pause and correction at 2830. Above 2830, the reliable target is 2850 for June 2019. Other two upside targets for June-July are 2880 and 2910. The original target of 3000 is still intact. So we need to stay long above 2770.
In addition, Nasdaq100 is up 2.2%, or 153 points, reversing its major loss of yesterday, and reversing from a critical support level. That’s a positive sign for the current recovery in S&P500. But the S&P500 futures have to cross 2820-2830, for emerging into fresh upmove till 2880-2900. The 200 day moving average is at 2770, which should provide support on the downside. A retest of 2800 is very likely to create the next upmove above 2830.