Beloved Emini S&P 500, Emini Dow Jones and Nasdaq Analysed
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Emini S&P MARCH could be forming the right shoulder of a huge head & shoulders pattern now, with shorts at strong resistance again at 4580/90 the perfect trade last week. Shorts at resistance at 4500/10 worked perfectly on Friday as we hit 4445/35 & broke below here (not surprisingly) . THE WEEKLY CLOSE BELOW HERE IS MORE NEGATIVE FOR NEXT WEEK IF WE CONTINUE TO HOLD BELOW.
Nasdaq MARCH outlook negative with a high for the day exactly at resistance at 14380/410 yesterday.
Emini Dow Jones MARCH volatile with no clear trend or pattern. We could be building a head & shoulders reversal pattern but we are a long way off completion.
Update daily at 07:00 GMT.
Today's Analysis.
Emini S&P holding below 4445/35 (a high for the day 7 points below here yesterday) is an obvious sell signal targeting 4405/00 & support at 4360/50. (A LOW FOR THE DAY EXACTLY HERE YESTERDAY). A break lower targets 4325/20 then 4270/65. Further losses test incredibly important support at 4195/4185.
I still think gains are likely to be limited with resistance again at 4435/45 but a move above 4450 can target 4475/80, perhaps as far as resistance at 4500/10. Shorts need stops above 4520. Obviously we still have strong resistance again at 4580/90 (but I doubt we see this level again for a very long time). Shorts need stops above 4610. A break higher is a buy signal targeting 4640/50.
Nasdaq continues to trend lower so I will expect that gains are likely to be limited with minor resistance at 14380/410 (a high for the day exactly here yesterday) & again at 14500/530. A sell opportunity at 14720/750. Shorts need stops above 14850.
A break below 14180/160 targets 13900/850 before a retest of the January low at 13720/700. On a break below 13650 we could go quite quickly to 13400/350 & strong support at 13000/12900
Emini Dow Jones saw a high for the day exactly at 34750/700 level. We headed lower to 34500/450 with a low for the day at the next target of 34300/250. Watch these levels again today. A break lower however targets support at 34000/33950. A break lower however targets 33650/600.
Minor resistance at 34950/35000 with strong resistance at 35350/400. Shorts need stops above 35500.
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