Hello Folks, the S&P500 futures are currently at 2945.00
The futures are currently trying to break out of their month long range.
The reliable target after successful breakout above 2940 is 3000.
What a volatile month this August has been!
August 2019 has created in the S&P500 records as the month with highest volatility on daily basis. We have had almost every day with at least 1% move between day high and low, and many times much more than that.
Our trading strategy of buying after the quick sharp corrections after Trump tweets has given gains this month. The S&P500 is safe above 2800, which is currently the 200 day moving average, and it did not break 2800 in entire August month despite high volatility on day to day basis, and the large 100 point fall on 5th August, with open at 2930 and close at 2830, which was followed by a test of 2780 level and the 200 day moving average at 2800 level. Those tests were successful and the futures moved up again, the same week!
Please see this tweet.
This has played out today. #SP500 futures buyers at 2830 will get 50 points gain for sure! https://t.co/QF7cY3CMJh
— Shankar AVSB (@shankx) August 26, 2019
Trade#7 of Aug 2019 completed successfully with 70 points gain!
Our standing trade was to buy at 2900 for target 2930 with stop 2800.
This trade triggered twice in last 2 weeks, on 19 Aug and 29 Aug.
We will consider them as Trade#8 and 9.
Both trades completed successfully, giving 30 points gain each.
Overall, August has been a profitable month, but it didn’t look anything like that on 5th August when the S&P500 futures had rapidly lost 200 points in the first 5 days of the month, and first week of August saw record capital outflow from US equity market.
There are no pending trades currently, and we will start Sep 2019 on a clean slate from Tuesday, because Monday is a market holiday. Thanks.