Emini S&P consolidates gains in overbought conditions but we have no sell signal. NASDAQ collapsed after Friday’s Doji warning and we hit the lower target of 8710/00. We bottomed almost exactly here and bounced to 8772 as I write.
Emini S&P gains are likely to be limited to be limited in severely overbought conditions but shorts are always risky in the bull trend. First resistance at 3233/35 but above here targets 3239/40 and 3245/46 before a retest of the all time high of 3254. A break above A break above 3255 targets 3260/63 then 3269/71 and 3277/79.
First support at 3222/20 but below here targets risks a retest of good support at 3214/12, perhaps as far as 3203/00. Unlikely, but if we continue lower look for a buying opportunity at 3186/84, with stops below 3180.
NASDAQ beats 38.2% Fibonacci resistance at 8750/55 which is obviously positive in the bull trend targeting 8785/90. On further gains look for 8810/20 before the new all time high of 8840/43.
We hit and held 8710/00 but a break below 8680 risks a slide to 8640 and 8615/10.
Trends
Weekly outlook is positive
Daily outlook is positive
Short Term outlook is positive