Emini S&P Daily Forecast - 11 December 2018
Jason Sen | Dec 11, 2018 06:06AM ET
S&P 500 Futures BUY SIGNAL as struggle at first resistance at 2637/40 but above 2650 targets strong resistance at 2668/72. A high for the day likely but shorts need stops above 2680. A break higher targets 2694/98.
Holding below 2637/40 targets 2623/20 then trend line support at 2613/10. Downside is likely to be limited now but below here look for 2603/00 before strong support at 2593/90. Longs need stops below 2580. Sell on a break lower & hold for 2575 & 2560/55. Below 2550 risks a retest of the low this year at 2533/29.
Nasdaq holding minor support at 6658/55 meets strong resistance at 6676/79. If we continue higher look for 6693/98. Above 6715 targets 6730/33, 6745/48 & perhaps as far as strong resistance at 6750/55. Shorts need stops above 6775.
Below 6650 risks a slide to 6635/30 then 6610. Downside is expected to be limited but below 6600 look for 6560/55 & 6540/30 before 6505/6495. Watch important support at 6460/50. A break below here is a longer term sell signal.
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