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S&P 500: Strong Resistance At 4360/80; Risks A Slide To 4325/20

Published 03/03/2022, 11:08 PM
Updated 07/09/2023, 06:31 AM
  • Emini S&P 500 Futures MARCH longs at solid support at 4275/65 keep working & shorts at strong resistance at 4360/80 keep working. (they did again yesterday). The same levels apply for today.
  • NASDAQ MARCH first support at 13850/750 with strong resistance at 14400/450 holding so far all this week.
  • Emini Dow Jones Futures MARCH longs at 33300/33200 worked perfectly on Monday, Tuesday & Wednesday with a run back to retest strong resistance at 33900/34000. A high for the day on each of these days too.

    • Today's Analysis

    Emini S&P longs at strong support at 4275/65 retarget 4300/10 before strong resistance at 4360/80. Shorts need stops above 4400. A break higher targets 4420/30, perhaps as strong resistance at 4450/60. Shorts need stops above 4470. A break higher targets 450/4510, perhaps as far as resistance at 4530/40.

    The Index is holding strong resistance at 4360/80 risks a slide to 4325/20 before a retest of strong support at 4275/65. Longs need stops below 4250. However, a break lower targets 4220/10, perhaps as far as important support at 4195/4185.

    Nasdaq first support at 13850/750 & longs need stops below 13650. A break lower targets could retest important longer-term support at 13000/12900. Longs need stops below 12800. A break lower, however, could send prices down another 1000 points eventually

    Strong resistance at 14400/450. A high for the day is expected - shorts need stops above 14500. However, a break higher is a buy signal targeting 14800/850.

    Emini Dow Jones was still holding strong resistance at 33900/34000 with a high for the day exactly here yet again yesterday. Shorts need stops above 34150. A break higher targets 34500, perhaps as strong resistance at 3500/35100.

    Strong resistance at 33900/34000 targets support at 33300/33200. (A low for the day almost precisely here all this week for an easy 600-800 tick profit on scalping). Longs need stops below 33000. Again strong support at 32400/30. A break below 32000 is then a critical longer-term sell signal & you could see 750 tick losses almost immediately.

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