S&P500 Futures Analysis- 09Nov2020


S&P500 Futures have hit 3600 today and they are currently near 3650! And 3600 was our major target for this year, as published on Dec 31, 2020 (before Covid19 pandemic came and everything looked different). The S&P500 futures will surely go back to retest 3600 and 3580 levels again (and for support level testing). Therefore, traders should take at least partial profits on their long positions at 3650.

Our S&P500 futures trading strategy is to keep trading on the long side, and stay long till the futures are above the uptrend line drawn in black. S&P500 usually adds at least 100 points more after a new high (reward for new high makers), so next reliable target is 3585+100= 3685. So, futures should hit 3680-3585 at least once this week. At the same time, there is also a lower target of 3450, which is pending (and it will come again, when we expect it the least), so there are likely to be some big swings in November. Traders, please remain alert and cautious, keep taking profits, and keep using corrections.Thanks.