Emini S&P recovery continues as we reach 3151. The dragonfly doji on the weekly chart coupled with potential double top as we hold the all-time high of 3158 risks significant losses to the downside. Obviously shorts need stops above 3160.
Nasdaq recovery reaches 8415.
Emini S&P double top risk in place now which targets minor support at 3132/30 and 3120/15. A break below 3110 is another sell signal targeting 3100/3095.
Bulls now need a break above the all time high of 3158 for the next buy signal targeting 3166/68 and 3175/77.
Nasdaq severely overbought in the short term and although there is no sell signal and shorts in a bull trend are a very bad idea, I cannot help thinking are could head lower this week. Minor support at 8383/80 then strong support at 8360/55 could hold the downside today. A break below 8345, however, targets a buying opportunity at 8320/15, with stops below 8300.
A break above 8415 targets 8435 and all-time high of 8454/58. A break higher targets 8485/90.
Trends
Weekly outlook is positive
Daily outlook is positive
Short Term outlook is neutral