Emini Dow Jones beat 19000 hitting targets of 19170/200, 19550/650 & strong resistance at19750/800. We wrote: A break above 19850 targets 20000 & 20300/400 with a selling opportunity at 20700/800. Try shorts with stops above 21000.
Shorts worked perfectly on the sell-off from 20943 to 20349 as I write.
NASDAQ rocketed to our selling opportunity at 7360/80 with shorts stopped above 7430 to target 7500/20 & just 16 points from the next target of 7650/80.
Reports will be updated around the US open if necessary.
Emini Dow Jones shorts at our selling opportunity at 20700/800 targets minor support at20300/250 but below here targets 20050/20000 & support at 19900/800. Longs are risky. If we continue lower look for strong support at 19600/500.
Key resistance at 20700/800 of course. Try shorts again with stops above 21000. A break higher is a short term buy signal targeting 21200/300 & above 21400 look for 21550/600then 20900/22000. Try shorts at 22400/500 with stops above 22700.
Nasdaq I still think we will trade in a (very wide) range to ease oversold conditions as we hold at last week’s high at 7640/50. Perhaps the short squeeze was a little overdone yesterday as we retreat to good support at 7405/7395. Further losses target 7340/30 then a buying opportunity at 7270/50, with stops below 7200. A break lower targets 7160/30.
Holding good support at 7405/7395 targets quite strong resistance at 7550/70. A break above7600 opens the door to a retest of recent swing highs & strong resistance at 7630/50. Shorts need stops above 7690. Look for a selling opportunity at 7815/35, with stops above7900.
Trends
- Weekly outlook is negative
- Daily outlook is negative
- Short Term outlook is neutral