Emini S&P in a sideways consolidation to ease overbought conditions exactly as predicted. Very minor resistance at 3575/80 and again at 3600/05. A break higher targets 3521/23, perhaps as far as last week’s high at 3635/38 before a retest of the all-time high at 3664/68. A break higher has to be taken as a buy signal although I think gains are likely to be limited. Look for 3673/75 and 3686/90.
Holding 3575/80 targets 3565/62, perhaps as far as 3545/40. Minor trend line support at 3534/32 but be ready to sell a break below 3525 for a buying opportunity at 3500/3495 with stops below 3485.
Nasdaq 100 could trade from minor support at 11880/840 to target minor resistance at 11925/960 before strong resistance at 12050/080. Try shorts with stops above 12120. A break higher is a short term buy signal targeting 12250/270 before a retest of the double top high at 12410/465.
Shorts at 12050/090 target 11990/960 then 11900/860. Cover any remaining shorts at the lower end of the short term range at 11840/800. There is a buying opportunity at 11700/600 with stops below 11550. A break below lower is a sell signal targeting 11500/450 and 11350/300.
Trends
- Weekly Outlook Positive
- Daily Outlook Neutral
- Short Term Outlook Neutral
