Stock Market Outlook Remains Positive Despite Severely Overbought Conditions

1. Emini S&P March beat the all-time at 6111 to hit my next targets of 6130 and 6160/6164, with a new all-time high exactly here.
   The low and high for the last session were 6122 - 6162.
   (To compare the spread to the contract you trade)
   
   
2. Emini Nasdaq March has formed 2 inside days as we hold within Wednesday's range.
   Last session high and low for the last session were: 21844 - 22078.
   
   
3. Emini Dow Jones March making a good recovery beating resistance at 43650/750.
   Last session high and low for the last session were: 44523 - 44773.

Emini S&P March Futures

• Emini S&P shot higher to beat the all-time at 6111 and hit the next targets of 6130 and 6160/6164 as predicted.
• If you bought around 6111 with a stop below 6100 the longs worked.
• We wrote: We should struggle here in overbought conditions but I think shorts are too risky, with no sell signal.
• Great call with a new all-time high exactly here!!
• Just be aware that further gains this week can target 6194/98.
• Despite overbought conditions, I think the downside is likely to be limited with support at 6115/6110 and longs need stops below 6100.
• Further losses meet support at 3080/70 and longs need stops below 6060.

Nasdaq March Futures

• Emini Nasdaq beat resistance at 21400/500 to hit the next target of 21800/820 and retest the January high at 21880/21900.
• We made it as far as 22000 before a retest of the all-time high at 22152.
• Obviously a break above here this week is a buy signal, targeting 22200/220 and 22400/440.
• A low for the day exactly at first support at 21900/850 on Friday although we ran out of time before much of a profit was offered.
• Longs need stops below 21820 this week.
• But the better support should be at 21780/720 and longs need stops below 21670.
• Targets: 21850, 21950, 22050

Emini Dow Jones March Futures

• Emini Dow Jones continued higher to my next targets of 44510/540 and 44750/790 as expected with a high for the day exactly here in fact on Thursday.
• Further gains look likely this week despite severely overbought and a break above 44820 can target 44960/990 before a retest of the all-time high at 45171.
• Of course a break above here this week is a buy signal.
• First support at 44450/and longs need stops below 44300.