Emini S&P September Futures holds just below the all time high at 3388/98 & hits profit taking. Obviously this is key to direction with significant double top risks.
Nasdaq we wrote: I think we need a period of consolidation & I think we will trade sideways this week. Will be better for scalpers.
We are trading sideways as predicted this week as we recover all of Tuesday’s losses.
Today’s Analysis.
Emini S&P hits profit taking at the all time high at 3388/98. Minor support at 3355/50 but below 3045 re-targets strong support at 3325/20. Longs need stops below 3310.
A break lower is a sell signal targeting 3290, perhaps as far as 3275/70 with a buying opportunity at 3255/50 with stops below 3245.
Obviously a break above 3400 is a buy signal this week despite overbought conditions. Initially we target 3406/08 & 3415/17.
Nasdaq longs at 10830/800 target 10900/920 then 10980/900 & selling opportunity at 11040/080 but unfortunately we were stopped above 11140 before turning lower.
So holding below 11000 is more negative for today targeting 10920/900, perhaps as far as a buying opportunity at 10830/800. Stop below 10750. A break lower is a sell signal targeting 10700/670. On further losses look for strong support at 10600/550.
Holding above 11100 is more positive for today allowing a recovery to 11150/170 & above 11200 we can retest the all-time high at 11275/285.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Positive
Chart
