I like the S&P 500 futures for a trade right here.
The setup is taking shape following a pullback that has (thus far) held at an important channel support line. And now we see price attempting to reverse higher.
On another system we use, which is a mechanical trading algorithm, we have a buy setting up now as well, and it will trigger with a move above 4589.
Given where the S&P 500 index is, we would get long here and look to add on a move above 4589. Short covering could fuel this quick trade as the index is very oversold on a short-term basis.
S&P 500 e-mini futures charts
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