Emini S&P longs at our buying opportunity at 3086/84 worked perfectly with a recovery as predicted to resistance at 3112/15. We topped just 4 points above.
Nasdaq we wrote: holding above 8235/25 allows a recovery to 8275/80. Expect strong resistance at 8305/10.
Longs at 8235/25 worked perfectly with a recovery as expected to strong resistance at 8305/10.
Emini S&P topped just above resistance at 3112/15 where we expected a high for the day. A break higher today targets strong resistance at 3124/27. Shorts need stops above 3131 for 3139/40 before the all time high at 3155/58.
Minor support at 3107/04 but below 3100 risks a slide to minor support at 3093/90 before strong support again at 3084/80. I still think the downside should be limited so try longs with stops below 3070. A break lower however targets 3065 & 3053/51, perhaps as far as 3043/40.
Nasdaq holding strong resistance at 8305/10 as I write. A break above 8320 however targets a selling opportunity at 8345/55 with stops above 8365. A break higher targets 8390/99. A break above 8410 can retest the all time high at 8448/58.
Holding strong resistance at 8305/10 targets 8280/75 & support at 8235/25. Longs need stops below 8220 for a test of support at 8190/80. A break below 8170 however targets 8140/35.
Trends
Weekly outlook is positive
Daily outlook is positive
Short Term outlook is neutral