US Index Futures Hit New All Time Highs: Nasdaq Bracing for Selloff?
Jason Sen | Feb 26, 2024 04:18AM ET
1. Emini S&P March futures beat the all-time high at 5066 for a buy signal and initially hit the next target of 5090/94 then reached 5120/25 on Friday with a high for the day exactly here.
2. Nasdaq March futures had a small push higher but reversed from a new all-time high at 18144, to close lower on the day.
3. Emini Dow Jones March futures beat the all-time high at 38980-39012 as expected after the short-term consolidation, and hit my next target of 39160/220. However, we only got halfway to the next target of 39450/500 on Friday.
Emini S&P: higher as expected in the longer-term bull trend as 'buy-the-dip' continues to be the winning strategy. We beat the all-time high at 5066 for a new buy signal and initially hit the next target of 5090/94 then 5120/25 with a high for the day exactly here on Friday. Further gains are expected this week to 5140/45.
Any downside correction should find support at 5065/60. Longs need stops below 5050.
Nasdaq March futures could dip to a good support level at 17800/750. Longs need stops below 17700. A break lower meets what should be the best support for this week at 17600/500. Longs need stops below 17400.
We have resistance at the all-time high at 18120/145. A sustained break higher is buy signal for this week, initially targeting 18200/220 and 18260/270, probably as far as 18320/340.
Emini Dow Jones March futures beat this week's high at 38900/909 and the all-time high at 38980-39012 as expected, after the short-term consolidation and hit my next target of 39160/220.
The break above 39270 on Friday only reached 39343. As long as we can hold above support at 39000/38900, we can eventually target 39450/500, probably as far as 36650/700.
However, longs at 39000/38900 longs need stops below 38750.
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