Emini SandP MARCH trading about 4 points above December and consolidating gains.
NASDAQ MARCH higher to 8626 but we are likely to see a consolidation phase now as we hit severely overbought conditions.
Emini S&P a period of consolidation looks likely in overbought conditions and we traded sideways yesterday as predicted..
Minor support at 3184/82 then better support at 3173/71 could hold the downside. Longs need stops below 3165. Next target is 3160 then a buying opportunity at 3150/48, with stops below 3142.
A break above 3205 targets 3208/09 and 3212/14, perhaps as far as 3218.
Nasdaq March minor support at 8589/85 and 8565/61. On further losses look for 8545/42 then a buying opportunity at 8525/20, with stops below 8500.
A break above 8625 in the bull trend targets 8650/55 and 8675, perhaps as far as 8690 in to next week.
Trends
Weekly outlook is positive
Daily outlook is positive
Short Term outlook is positive