S&P500 Futures Analysis-29May2020

The S&P500 futures closed at 3057 on Friday. It was volatile week, and they moved in a large range of nearly 100 points this week, with multiple swings of 50-60 points per day, which would be enough to hit stop losses on most traders. Buying at 2980-2990 level and selling at 3020-3030 level paid off multiple times.

Please see the following hourly chart of S&P500 futures, which shows that the futures are in strong uptrend. The futures faced significant resistance at 2880, and above 2880 the futures have been moving higher with relatively less difficulty.

S&P500 Resistance Levels: 3080, 3120

S&P500 Support Levels:3000, 2980.
Absolute stop loss on all long positions is 2960.
For short duration trades, the stop loss is 3000.

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