S&P 500 E-Mini Breaks Important Support at 4220, Targets 4130
Jason Sen | Oct 30, 2023 05:50AM ET
Emini S&P December futures breaks important support at 4220/4200 tumbling to my target of 4130/20 with a low for the day exactly here. A break below 4110 is the next sell signal for 4070/65, probably as far as 4020/10.
Minor resistance at 4170/80 with strong resistance at 4205/15. Shorts need stops above 4225.
Nasdaq December futures crashed below support at 14590/530 for an important sell signal targeting 14430 and 14280/250 before a low for the day only 40 ticks from the next target of 14100/14000. This is also a strong support level so if tested today, (after Friday's inside day) there is a good chance of a low but longs need stops below 13950.
First resistance at 14450/550. Shorts need stops above 14600.
Emini Dow Jones December broke the October low at 33070/020 for a sell signal and we then hit my targets of 32750/700 and 32450/400 with a low for the week exactly here. Nice quick profits if you managed to short.
A bounce from 32450/400 is not out of the question but longs look too risky to me. If we do recover look for resistance at 32800/830 then a sell opportunity 33000/33100. Shorts need stops above 33200.
However if we break below 32380 (as I think is likely) look for 32150/100 and even 31830/800.
/h2
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.