Hello Folks, the S&P500 futures are currently at 3315. Here’s the hourly chart of S&P500 futures, at 23:20 US Eastern Time on Monday, 02 Nov 2020.
The futures have faced a sharp downtrend since the Oct 13th, when the parabolic upmove broke down, and we got a 300 point correction from 3530, which wasn’t expected by many market participants. 3220 level provided support again, like it did in Sep 2020.
Now at 3315, the futures have broken above the downtrend resistance line, and they will aim to go higher towards 3500. Stay long above 3300 for target 3450 and 3500.
The futures can do 200 points move after US Election results, so keep Stop loss at 3280-3300. We can expect upmove today because the futures have successfully crossed 3300 after two failed attempts in last 2 days. Thanks.
S&P500 Futures Technical Analysis: S&P500 futures are near 3450 currently, and they are facing resistance at 3450, which is the downtrend resistance line. There will be a clear breakout above 3470.
S&P500 Futures Trading Strategy: Stay long above 3400 for targets 3500-3530. Use corrections between 3400-3430 for buying to sell at 3450-3470 levels. Fresh long positions can be added above 3470 for targets 3500-3530.
Buy at 3470 for Target 3500 with Stop 3450.
S&P500 Futures Technical Analysis is that the the futures have strong support at 3400 level, and we can stay long above 3400 for retest of 3500 level next week.
Below 3400, the next support is between 3320-3330 level, which is the major support level that has provided support in the recent past too. But the volatility coming from US Elections on Nov 3rd will make it very difficult to manage trading positions. It is better to have fewer positions with wider stops.
Despite the recent correction over last 8 days, the S$P500 futures trend is still up. Traders should aim to stay long above 3400.
Buy at 3423 for Target 3480 with Stop loss 3400.