Emini Dow Jones topped just above strong resistance at 23850/900 at the next target of 23950/24000.
Nasdaq holding gains but could still be forming a 1 month head & shoulders top. We held support at 8850/40.
Today’s Analysis
Emini Dow Jones could be forming a head & shoulders top. A break below the neckline at 23400/350 is our medium term sell signal. A break below support at this week’s low at 23200is obviously the next sell signal, initially targeting 22850/820.
Minor resistance at 23630/660 but above 23720 could retest this week’s high at 23950/24050. A break above 24150 targets 24300, perhaps as far as 24450/500.
Nasdaq appears to have stalled but no clear sell signal yet. Minor resistance at 9010/20 then a retest of this week’s high at 9050/56. A break higher kills chances of a head & shoulder stop forming. We look for 9110/20 before the 9140/45 recovery high. Watch for a potential double top sell signal here. A break higher is a buy signal.
Best support at 8940/30. Longs need stops below 8910. A break lower targets 8860/50. Below 8830 is a sell signal targeting 8810/00 & 8760/50, perhaps as far as 8710/00.
Trends
Weekly outlook is negative
Daily outlook is positive
Short Term outlook is neutral