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.
The S&P500 futures have shown a remarkable recovery from their lower level of 2728. We increased long positions above the 200 day moving average at 2770. We have taken profit at 2850, 2880, and 2900. Current price is 2897. The sharp recovery in S&P500 is very bullish, and such a recovery gives a hope that the next attempt to 3000 will succeed.
The S&P500 futures are likely to retest 2850 at least once before moving up towards 2950. So traders can take profits at current 2895-2900 level, and buy again at lower level. We should stay long above 2800 for target 3000. There will be a strong support now between 2770 and 2800. Ideally, the futures should not even go in that zone.
Futures Trading Service for S&P500, Nasdaq, Nifty, Commodities, Cryptos
