Hello Folks, the S&P500 futures are currently at 2766.00
Today’s Range: 2751.00 – 2790.75
We have had a large gap down today, with Trump tweet regarding Mexico today. The market was already uneasy the whole of May 2019, and this just pushes it further down, while investors try to assess, where the support levels are. We will buy the Micro Emini Futures (MES) again for June, with a stop loss at 2740-2720 (see Bonus Trades below), which was the previous successful support level. This is an oversold market, and we should see a have a very good recovery in June. We will add new Micros above 2800 level. Upside targets till 2910 are clearly visible. And 3000 target is still intact. So I am confident that we will make good profit from here, and we will add new positions on the upmove above 2800.
[Bonus Trades for June 2019]
(a) Buy at 2760, Target 2800, Stop loss 2740
(b) Buy at 2750, Target 2830, Stop loss 2720
Traders can use Micro Emini(MES) futures to distribute these trades.
This month, May 2019, has been somewhat like Dec 2018, with weakness all through the month. Most of the weakness this month has come in pre-market gap downs – its one of the largest concentration of pre-market corrections since 1982. We will let the futures get back above their 200 day moving average, before buying more. We did not get a chance to add more contracts and lock the gains in May 2019, but the good news is that the S&P500 is at 2765, which is means solid upside available from here in June 2019, and we will use it by increasing our positions once the upmove is in progress. Thanks.