S&P 500 at Resistance, Nasdaq Breaks Support: What Lies Ahead?
Jason Sen | Oct 13, 2023 04:35AM ET
Emini S&P December futures made a high for the day at strong resistance at 4430/50. Shorts worked on the slide to support at 4375/4365. A low for the day only 10 points below.
Shorts at strong resistance at 4430/50 again today need stop above 4460. A break higher is a buy signal targeting 4480/85.
Minor support at 4375/4365 but longs are risky, despite a bounce from here yesterday. A break below 4355 targets 4335/30.
Nasdaq December futures collapsed back below trend line resistance at 15300/350 after what we now know was a false breakout. Longs at support at 15365/335 were need stopped below 15300.
Holding above 15350 puts bulls in control targeting 15500 & 15650.
Holding below 15250 should trigger further losses towards 15150/120 & 15090/050.
Emini Dow Jones December hit my target & strong resistance at 33900/34100 & shorts worked perfectly as we collapsed from 34153 to 33700/650 for profit taking.
A low for the day only just below at 33617.
We meet strong resistance again at 33900/34100.
A break below 33540 should be a sell signal targeting 33350.
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