The S&P500 futures have been recovering in both price and momentum, which indicates a good quality recovery, and 3400 is a very likely target next week. 3350-3360 is a key support level, so traders can keep 3350 as the stop loss on long positions. Traders with higher risk tolerance can keep 3300 as the stop loss for target of 3450-3500, which are S&P500 Resistance levels.
The current recovery rally will become more durable once the 10 day SMA line starts trending up, rather than trending down, like its doing now. This will need the S&P500 futures to stay above 3300 for next 3-4 days. An uptrending 10 day moving average will stabilize and rebuild the market for 3500 target.
However, next 5 weeks will be volatile as we are just 4 weeks from US Presidential Elections. So, traders should keep relatively limited positions, and keep taking profits on all 20-30 point upmoves, because sharp intraday corrections are coming regularly, and they can be used for buying and then selling with 20-30 points gain.