Stock Markets Bounce From Buy Levels: Trading Zones to Watch Out For
Jason Sen | Mar 13, 2024 03:09AM ET
1. Emini S&P March futures recover as expected in the longer-term bull trend.
2. Emini Nasdaq longs at my buy level of 18000/17900 worked perfectly hitting all targets of 18100, 18160, and 18230, with a high for the day almost exactly here.
3. Emini Dow Jones March futures made a low for the day exactly at support at 38550/500 before a bounce to my upper target of 39000 for an easy 450-500 tick profit.
Emini S&P: bulls remain in control, with buying the dips still the winning strategy, despite the late sell-off on Friday.
- Beat 5155 for yesterday's buy signal targeting 5175 before a retest of 5190/95, which could be seen today.
- A break above 5195 this week can target 5210, perhaps as far as 5224/26.
- Minor support at 5145/35 but longs need stops below 5125.
- Support at 5090/80.
Nasdaq March futures made a low for the day exactly at good support at 18000/17900. Targets for the bounce are 18100, 18160 and perhaps as far as 18230.
- Likely to continue higher in the bull trend. Today's targets are 18260 and 18350/370.
- Bulls need a break above the all-time high of 18436 for the next buy signal.
- We should have good support again at 18000/17900, stop below 17800.
- On a break below 17800 however, this could turn the outlook more negative for me and we would of course expect to see 17900/18000 then act as resistance.
- If you reverse into a short on a break lower look for targets of 17600 and 17400.
Emini Dow Jones March made a high for the day exactly at strong resistance at 38950/39000, again on Friday.
- We made a low for the day on Monday exactly at support at 38550/500. Longs here worked perfectly on the bounce to 39000 for profit taking. If we continue higher look for 39150 before a retest of the all-time high at 39290-39343.
- We have been in a sideways consolidation for a month and a half.
- Support again at 38550/500 but longs need stops below 38400. Targets for the bounce are 38900 and 39000 for profit taking.
- If we continue higher look for 39150.
A break below 38200 however targets 38200/100.
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.