Emini S&P September futures we wrote: lacking any conviction from traders now. I think 3230/35 is key to direction, so holding below here is more negative with strong support at 3202/3196.
Happy with that call in yesterday’s update. Shorts at 3230/35 worked perfectly as we target 3224/22, 3210 & strong support at 3202/3196. NASDAQ futures shorts at strong resistance at 10650/700 worked perfectly on the slide to our target of 10500/480. We have hit 10517 as I write.
Today’s Analysis
Emini S&P shorts at at 3230/35 target 3224/22, perhaps as far as 3210 before strong support at 3202/3196. Try longs with stops below 3190. Further losses target 3170/68 with strong support at 3155/52. Longs need stops below 3145.
We held first resistance at 3230/35 ( & are likely to do so on a bounce today) but above here targets 3247/49. On further gains look for 3270. Watch the recovery high at 3282/84.
NASDAQ shorts at strong resistance at 10650/700 worked perfectly as we hit the target of 10500/480 for a potential 150-200 tick profit. On further losses look for 10380 before a retest of first support at 10320/300. A break lower always possible in the more negative outlook targeting 10220 before a buying opportunity at 10050/000, with stops below 9950.
A recovery meets strong resistance at 10650/700. Again shorts need stops above 10800. A break higher targets 10890/899. Above 10950 opens the door to a retest of the all time high (& double top) at 11050/056.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Neutral
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