How are you doing? The S&P500 futures are at 4784.
Last 8 weeks have seen a lot of up/down in the S&P500 futures, but once 4700 was decisively broken out this week, the futures raced up towards 4800 level within 48 hours. It was a rapid move as we expected and shared in the previous mail on 16 Dec 2021. So that analysis has played out correctly, and staying long above 4700 closing basis gave about 80 points gain this week. It was suitable setup for our larger traders because that trade had a 50-50 chance of success.
S&P500 futures are in clear uptrend after their breakout above 4700 (after several failed attempts).
We should get 4840-4850 level before any major correction below 4700.
S&P500 futures have strong support at 4730-4750 level.
S&P500 futures have strong resistance at 4830-4850 level.
Here is an Optional Trade:
Buy at 4775 for Target 4825 and Stop 4755
Please Note: The above trade is suitable only for traders who are trading with 5-10 contracts (ES or MES), and in such a case, this trade can be done with 2-3 contracts. Thanks.
Please also see the tweet that was shared wide range of traders.
#SP500 futures closed above 4700 today, which is an achievement given the strong selling pressure faced at 4700 in last several attempts. Stay long above 4700 for target 4760 and 4800. #SPX #NDX #markets
— Shankar AVSB (@shankx) December 24, 2021
Overall, the underlying setup of the S&P500 is high risk (high volatility) currently with lots of US Fed related news, which can instantly move the market by 50 points up/down and hit stop loss in either direction. And that’s why we have been going slow and cautious since November. Thanks.