Tag Archives: SP500 Support Levels

S&P500 Futures Outlook – 09May2019

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The S&P500 futures are currently at 2841, down 46 points! The futures have been correcting everyday this week, at a brisk and punishing pace, giving a reminder of what we saw in Dec 2018. The futures have failed to hold their 50 day moving average (SMA) at 2863, and therefore, they may go down further to test the support levels at 2830. However, these are all buying levels because it has been a one-way fall, and the futures will surely retest 2880-2900 levels in the coming few hours or days, to see if they are indeed a new resistance.

[Bonus Trades]
(a) Buy at 2840 for Target 2870 with Stop loss 2820 (completed today itself, with 30 points gain)
(b) Buy at 2840 for Target 2890 with Stop loss 2830 (in progress, Stop loss revised from 2800 at the start to 2830 at close of day)

Please Note: The volatility is high, and so are the gains, if we get the trades right. If you can’t handle 20 point stop loss, this market is not suitable for you currently. Please stay on the sidelines, and surely go long above 2900.

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Emini Futures Trading Analysis- 08May2019

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The S&P500 futures have tested their 50 day simple moving average (SMA) yesterday and today, which is currently at 2860 level. Today’s higher low is positive sign for successful support testing. The futures should try to bounce back to 2900 and 2920 from the current level of 2880. There is a support at 2860, which got tested yesterday. There is an untested support level at 2840, which may get tested if 2860 breaks down for any reason.
Above 2900, the reliable upside target is 3000, and traders should stay long above 2900.

[Bonus Trade]
Buy at 2880 for Target 2900 with Stop loss 2860.

S&P500 Futures Outlook – 07May2019

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Hello Folks, the S&P500 Emini futures are at 2881.00
The S&P500 futures made a new high above 2950, but the buy signal for short term trade was not there, and as you can see today, if we had bought around 2940-2950 last week, when it looked like a strong uptrend, then no stop loss could have saved us this week. A strong buy signal will come back again above 2980, which is far above the current level of 2880! S&P500 index has strong supports at 2840 and 2820 level, which should hold. If 2820 level breaks, it will cause lot more selling, and we may see retest of the 200 day moving average, which is currently at 2770. Thanks.

Emini Futures Trading Analysis- 06May2019

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Hello Folks, the S&P500 Emini futures are at 2901.50
Today’s Range: 2983.75 – 2916.50

Nobody likes weekend volatility, but it’s here today morning!
The S&P500 futures fell sharply on Sunday night after US President
Donald Trump shocked investors by threatening to hike tariffs on $200
billion worth of Chinese goods, raising fears of a global slowdown and
halting a relative period of calm in the markets. The S&P500 futures fell
about 60 points overnight after the Wall Street Journal reported that
China may cancel a round of US talks this week after Trump’s comments.

In other words, volatility is back! And we can benefit from it by getting
a suitable entry point. The S&P500 is still in uptrend, and the target of
3000 is intact. Most stop losses would have hit by 2900 level. Today’s low
of 2883 is the level to watch, so the key support level currently is near
2880.

2990 level may get tested once more before futures move up and
test higher levels of 2920 level. This trade is based on that move. And we
have a stop loss 2880, given to us by market action today morning.

[Bonus Trade] Buy at 2880 for Target 2900 with Stop loss 2860.
Trade update: This trade hit target within the same day.

Emini Futures Trading Analysis- 20Mar2019

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The S&P500 Emini Futures are currently at 2825 after making a high of 2858 yesterday March 19, 2019. And they have started selling off on profit-taking pressures since yesterday and the futures have already corrected almost 40 points from their high of yesterday.

This correction was to be expected in a way because the S&P500 Futures have broken out of a very strong resistance level at 2820-2830 that has been prevailing for last 6 months, since October 2018. The breakout from a long-standing resistance is not easy and the futures have done that this week. Now they are trying to come out of that and test one more time whether the support is actually holding at the 2820 level.

So we should not be excessively worried about the correction that is happening today because this is natural to test the resistance levels that we are crossing and to check whether that resistance level has become a support level, which is what it should become. Continue reading →