The S&P500 Emini Futures (ES) are at 3852 and trying to take support at the 10 Day SMA. However, the Momentum Indicator (CCI) is coming down, which indicates downward pressure on the futures can easily go down to 3800 to test lower levels and also break 10 Day SMA. So this is not looking like a safe place for long positions. Sell position can be considered on a closing below 3800 for target 3700 and stop 3850. Upside targets above 3850 is 3900-3950. There is strong selling pressure above 3950-4000.
Momentum indicator (CCI) has made a good come-back to the top end of its range, while S&P500 futures price recovery was feeble or sluggish.
The suitable S&P500 trading strategy for last 2 weeks has been suitable staying long on S&P500 futures (ES) above 3700 level, and the market conditions were also suitable for selling S&P500 put options, especially the liquid SPY put options of 370 and 380 level..
On closing above 4000, it will be a clear breakout and 4200 will be reliable target. At current level of near 3900, a quick correction of 3800 is possible again if momentum reverses from here.