Emini September Dow Jones futures held resistance at 26630/680. We have tumbled to best support at 26200/160. Stop below 26100.
NASDAQ shorts at strong resistance at 10650/700 worked perfectly on the slide to our target of 10500/480. We have hit 10517 as I write.
Today’s Analysis
Emini Dow Jones longs at best support at 26200/160. Stop below 26100. A break lower targets strong support at 25950/900.now using 26500/520 as resistance to target 26410/390 & retest last week’s low at 26330.
Longs at best support at 26200/160 target 263330 with first resistance at 26500/530 for some profit taking. Further gains retest minor resistance at 26600/630. A break higher is a short term buy signal.
NASDAQ shorts at strong resistance at 10650/700 worked perfectly as we hit the target of 10500/480 for a potential 150-200 tick profit. On further losses look for 10380 before a retest of first support at 10320/300. A break lower always possible in the more negative outlook targeting 10220 before a buying opportunity at 10050/000, with stops below 9950.
A recovery meets strong resistance at 10650/700. Again shorts need stops above 10800. A break higher targets 10890/899. Above 10950 opens the door to a retest of the all time high (& double top) at 11050/056.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Neutral
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