Hello Folks, the S&P500 Emini futures are at 2653.00
Today’s Range: 2626.00 – 2661.25
The futures have been volatile so far this week, moving up down 30-40 points rapidly, and such moves will break any trading set up. So our decision to wait and watch is proving right as of now.
The futures are back above 2650 currently after an intraday fall to 2626, which is a positive sign. They have been testing 2630-2640 support level everyday this week, and if that testing is completed successfully, we can see an upmove to 2680-2700. Reliable trades will be possible above 2680.
In the last few weeks, the S&P500 has been facing sharp knee jerk selling of 30-40 points suddenly during the day, or after market hours. That is not a regular feature, so we have to wait for some more time for the S&P500 to give a double confirmation on the upmove. The down move is mostly locked out at 2600, which is also the 200 day SMA.
The futures have been resisting at 2660 level. Once 2660 crosses on closing basis, we may get 2680 within 24 hours. We will consider new general trades above 2680, and after we get double confirmation on the upmove.
[Optional Trade] For Traders with 5-10 contracts:
Here’s a new optional trade that can be done with 1-2 contracts.
“Buy at 2640 for Target 2680 with Stop loss 2620”.
On the optional trades, we could have done two trades from 2630 to 2660 in the last two days. That’s the kind of daily swings we are getting. As mentioned earlier, 2600 is our absolute stop loss, and we can stay long above it with a few contracts. 2740 is visible now as upside target once futures break out above 2680. Thanks.