S&P500 Emini Futures Hit 2200 Today!


Hello Folks, the S&P500 Emini Futures Hit 2200 Today! As regular website visitors and our subscribers will note, 2200 was our long pending target above 2134 (the previous high on the S&P500 index). Past charts have indicated that once S&P500 breaks its high (2134), it will go and hit the next higher round number level, which was 2200 in this case.

But this upmove has come with a twist. The futures fell to 2040 on US Election day and then bounced back — after offloading many longs and collecting many new shorts — which made this upmove possible. This rise has come while global markets are flat or falling, so we should be cautious about any abrupt reversal of US market sentiment.

We have been constantly long above 2100 — with 2180 as Target#1, and 2200 as Target#2. Both have been hit this month, making Nov 2016 once of the very profitable months.

What happens next? There may be resistance at 2209-2210 level. Selling pressure can come between 2205-2210 on futures, from some profitable long positions deciding to exit. Very few shorts will enter till weakness appears, and weakness will appear below 2180. Strength will appear above 2210 (on S&P500 index ). Above 2210, the index/futures can go to 2234 (which is 100 points gain above the previous high of 2134).

Bonus Trade: Traders can remain long above 2200 for target 2220-2230 and 2190 as stop loss.

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