Emini S&P shot higher to 3250/60 right at the close. First resistance at 3295/3305. Try shorts with stops above 3315. A break higher targets 3325 and Thursday’s high at 3330/33 before a selling opportunity at 3345/50 with stops above 3360.
Shorts at 3295/3305 target 3270/60, perhaps as far as 3235/30 for profit-taking. A break below 3225 is the next sell signal targeting a potential double top neckline at 3200. A break below here is an important longer-term sell signal, initially targeting 3160/50.
Nasdaq tests very strong support at 11100/000 in oversold conditions. Longs need stops below 10900 targeting the 2-year trend line 10800/750. A break below here is an important longer-term sell signal.
Longs at very strong support at 11100/000 need to see prices back above 11200 which then opens the door to 11300/350. A break above 11400 is a buy signal targeting 11500/550.
Trends
- Weekly Outlook Positive
- Daily Outlook Negative
- Short Term Outlook Negative
