Emini Futures Trading Analysis- 10Aug2022

The S&P500 Emini Futures have been moving up in recent weeks, and taking regular support at their 10 day SMA. So the near term trend is up but there is a strong resistance between 4150-4200 level, which has already played out in May-June 2022.

The current setup with falling momentum indicator (CCI) is not suitable for long trades, and we urge all traders to reduce or exit their long trades.

S&P500 Futures Resistance Levels are at 4150 and 4200.
Above 4200 closing, 4400 target become on again.

S&P500 Futures Support Levels are at 3950 and 3750, and these levels can be used for buying for 50-100 point gains. However, a clean long trade will come above 4700.

Bonus Trade:
Buy S&P Emini Futures at 4160 for target 4200, with stop 4140.
Please trade with small position size.

Market Update (end of day): There was a big upmove in the S&P500 Futures today based on some positive news of falling inflation, which can enable the US Fed to raise interest rates less rapidly, or maybe even pause for a while. The above bonus trade was completed successfully, giving 40 points gain. The momentum indicator (CCI) is still not looking very bullish, so one has to trade on the long side with small position size.