Emini Futures Trading Update- 24Apr2018


Hello Folks, the S&P500 Emini futures are at 2635.75
Today’s Range: 2616.25 – 2688.50

The futures tried to cross 2680 (the known resistance level) but failed, and a series of supports broke, mainly 2650 and 2630, with cascading stop losses. The market is talking about the weakness in FAANG stocks, but it could have been something else too. The set up was getting weak below 2680.

Please refer my mail from last Friday: “The futures may test both 2650 and 2690 in the coming week. The support at 2600 should hold.” Today 2650 was broken but 2600 has held. The probability of 2600 level breaking is low, and even if it breaks, the futures may bounce back within an hour. So we can continue to work with 2600 level as the absolute stop loss.

Traders with 5-10 contracts:
Here is a new optional trade that can be done with 1-2 contracts.
“Buy at 2630 for Target 2666 with Stop loss 2600”

The futures have now lost 80 points from the 2712 level, where we first saw weakness creep in on a bullish set up. We will do a new trade once market stabilizes. Thanks.

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