S&P500 Futures Analysis- 10June2019

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.