EuroStoxx 50 December just completed a head & shoulders reversal pattern for a sell signal initially targeting minor support at 4310/00.
FTSE 100 December a high for the day exactly at first resistance at 7240/60.
Update daily at 07:00 GMT
Dax holding minor resistance at 16140/160 to retest strong support at 16090/060. Try longs with stops below 16040. A break lower however is a sell signal with 16060/090 working as resistance targeting 16000 & a buying opportunity at 15960/930. Try longs with stops below 15900.
A break above 16180 keeps bulls in control for today targeting 16260/280. A break above 16290 should target 16350/390.
EuroStoxx holding the head & shoulders neckline resistance at 4330/40 targets 4310/00 then 4270/60, perhaps as far as strong support at 4240/30.
Resistance at 4330/40 but above here allows a recovery to 4375/80 before a retest of 4400/10. Anyone want to bet on a double top sell signal here? A break above 4410 however targets 4418/20 but eventually we can reach as far as 4450/55.
FTSE we have a buying opportunity at 7170/50 with stops below 7135. A break lower targets 7100/7090, perhaps as far as 7040/30.
Longs at 7170/50 target 7200 then first resistance at 7240/60 for some profit taking. If we continue higher look for 7300/10 this week.
Emini S&P December new all time high exactly at the 4735/40 target in the bull trend, but severely overbought conditions finally kicked in with a sudden collapse to the 4670/68 target.
This leaves a bearish engulfing candle, which is a very short term negative signal. We do have severely negative divergence on the daily chart so there is a risk of a further correction but I think there are too many retail traders betting on a crash for it to happen just yet.
Nasdaq December hit the next target of 16640/660 next target then a new all time high at 16767. However prices then crashed leaving a huge bearish engulfing candle, which is a very short term negative signal.
Emini Dow Jones December shorts at first resistance at 35850/950 worked perfectly with a high for the day here, followed by a retest of last week's low at 35490.
Update daily at 07:00 GMT.
Emini S&P first support at 4670/68 but a break below 4660 targets 4640 then the best support at 4630/20. Try longs with stops below 4610.
Very minor resistance at 4700/10 but above here retargets 4720/23 & 4735/40 then 4750.
Nasdaq December collapsed through first support at 16450/400 to target 16300/270 then best support for today at 16230/200. Try longs with stops below 16150. A break lower however sees 16200/230 working as resistance to target 16100 & 16030/010 before a buying opportunity at 15900/850. Try longs with stops below 15800.
First resistance at 16400/450. Shorts need stops above 16500. A break higher targets 16550/600 before a retest of the all time high at 16630/767.
Emini Dow Jones December strong support at 35450/350. A break lower however targets 35100/35000. Watch for a bounce from here on the first test. However a break lower meets a buying opportunity at 34800/750, with stops below 34650.
First resistance at 35850/950. A break above 36000 should be a buy signal targeting 36230/250.
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