Emini S&P September Futures topped exactly at key resistance again at June recovery high at 3227/31. Shorts here were offered up to 35/40 points profit as we filled the gap at 3194/92 for a buying opportunity. Longs were offered up to 30 points extra profit. Despite severely overbought conditions we have no sell signal although conditions are very choppy.
Nasdaq September Futures are struggling now after Monday’s sell signal. Initially, we traded in between 10665/695 & first target 10780/800. A dip bottomed exactly at minor support at around 10560.
Today’s Analysis
Emini S&P holding key resistance again at June recovery high at 3227/31. A break higher is an obvious buy signal targeting 3245 & 3252/54, perhaps as far as 3261/63.
First support at 3194/92. Longs need stops below 3188. A break lower meets strong support at 3175/65. Longs need stops below 3155. Next target & buying opportunity at 3120/15 with stops below 3105.
Nasdaq outlook is neutral/negative with bulls slowly losing their grip. Holding first resistance at 10720/740 targets 10640/630 with minor support at 10560/550 again at and last week’s mid-week low at 10505. Expect strong support at 10420/400. Brave bulls can try longs again with stops below 10350. A break lower targets 10300/290 then support at 10220/200.
Shorts at first resistance at 10720/740 stop above 10780. A break higher meets resistance at 10870/900. Further gains meet strong resistance at the new all-time high of 11040/060.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Neutral