Emini Futures Trading Analysis- 17Oct2017

Hello Folks, the S&P500 Emini futures at 2556.75.
Today’s Range: 2552.25 – 2557.75
Please note the trade modification.
Trade#1 of Oct 2017 (updated target)
————————————————————–
Buy Emini Futures at 2552 for Target 2572 with Stop loss 2540.
————————————————————–
(Note: This trade was completed successfully on Oct 20, with 20 points gain)

The futures have moved well today. They showed strength despite intraday weakness. I saw the futures at 2553 in the morning, and was thinking that a close below 2550 will be negative, and a close above 2556 will be positive. The last several days of small narrow range days have set the stage for big move now. As stated yesterday, the probability of upmove is higher because the futures have been holding up above 2550. However, for any reason, if they go below 2550, then fresh selling can rapidly take the futures down to 2530-2535. Continue reading