S&P500 Futures Outlook – 09May2019

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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