S&P500 Futures Analysis-29July2020

Hello Folks, the S&P500 futures are currently at 3223.00
The futures have been consolidating in between 3200 and 3560 for over a week now, and there is a strong resistance at 3270 level, and it has been there for a long time. Above this resistance of 3270, new long trades can come for target 3330.

The futures are in uptrend above 3200, and Traders can stay long above 3200 for target 3250-3260, which is just below the resistance of 3270. Please exit all long trades below 3200, because selling pressure can be high below 3200 and downside target is 3140.

The setup is relatively high risk currently, and not suitable for a General Trade, because we have the US Fed update later today, which can create sharp swings, and easily hit even 30-40 point stop losses.

Here is a new Optional Trade for Traders with 10+ contracts.
“Buy 1-2 contracts at 3280 for Target 3330 with Stop loss 3250”
This trade can also be done with Emini Micros or CFDs. Thanks.

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