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. Continue reading →