Hello Folks, the S&P500 Emini futures are at 2700.50
Today’s Range: 2690.25 – 2724.25
Today early morning, the futures have hit stop loss 2704 in Trade#8.
There is no new general trade as of now, and I will mail you shortly after market analysis.
The futures fell by nearly 30 points in early morning trade, before US markets opened, and went down till 2790. They were unable to cross 2740 last week, and kept coming back to 2720 level, after defending 2704 level, which was our stop loss.
As the futures have bounced back to 2700 again may mean that the fall of today morning was not meant to breakdown the 2700 support level. Our Emini S&P500 Futures Trading Strategy is to stay long above 2700 for targets of 2780-2800. That has not changed. S&P500 Futures Technical Analysis indicates strong support at 2680, and major weakness below 2680 for lower targets of 2600-2630. However, since the futures have tested 2600-2630 level multiple times in last 2 months, that scenario has less probability as of now.
Traders with 5-10+ contracts:
Here are two new optional optional trades with 1-2 contracts each.
(k) “Buy at 2700 for Target 2720 with Stop loss 2690.
(l) “Buy at 2700 for Target 2730 with Stop loss 2680.
[Bonus Trade] For all our website visitors and traders.
“Buy at 2710 for Target 2730 with Stop loss 2700.”
This trade will activate at 2710, which is about 10 points above the current price of 2700. Thanks.