E-Mini Nasdaq: Beat Targets Of 4032/34
Jason Sen | Sep 29, 2014 01:50AM ET
NASDAQ 100: We wrote on Friday: '**NOTE WE HAVE HIT & HELD 5 MONTH TREND LINE SUPPORT AT 3999** IF THIS IS STILL A BULL MARKET WE WILL BOTTOM HERE & END THE CORRECTION (as I suspect).** As predicted this did mark the exact low & we even beat our targets of 4032/34 to halt just 2 ticks from our next target & selling opportunity at 4053/55. Try shorts at 4050/54 today with stops above 4060. Go with a break higher however & use 4054 as support looking for a move towards 4066/69 for profit taking.
If you did mange to jump in to shorts just below 4053 there was an extra 20 tick reward with a dip back to the 4034 level. We could continue lower today to 4020 perhaps as far as 4012. Exit shorts here & try longs down to 4000/3998 with stops below 3993. Be aware a break lower will trigger big stops & below 3991 adds pressure to target 3978/77. If we continue lower this week look for a buying opportunity at 3957/55, with stops below 3946.
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