Murali Sarma
Trade Guidance, LLC
Futures remained conflicted into the last few days of the year finding resistance above 3747.75 and finding support at 3711. These range bound conditions will likely prevail into the close of the futures cash session today and into settlement for the year 2020. I am not expecting any crazy breakouts to the upside today as volume remains muted for this last trading session of the year. The USD continues it's leg lower and the basket of currencies it is measured against such as GBP, EUR, JPY, CHF etc all trended higher.
For this last trading session, we present this support and resistance based technical analysis for the Emini S&P futures. Whether you trade the mini or the micro contracts, this setup will work for intraday price speculation:
As always, trade this last low-volume trading session with caution. The overnight inventory remained mixed for the Emini S&P which combined profit-taking off longs with new longs entering the market.
Risk Disclosure: Futures, forex, currencies and stock/options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Past Performance Disclosure: Past performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between actively monitored performance results and the actual results subsequently achieved by anyone using any trader’s newsletter service. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of actual or simulated performance results and all which can adversely affect trading results. Although TradeGuidance never presents hypothetical or simulated trade results, all trades presented can be in a simulated using back-testing to demonstrate similar results.
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