S&P 500 Futures beats important resistance at the 100 day moving average at 2960/65 to test more important 200 day moving average resistance at 2997/3000.
Nasdaq 100 higher as expected to hit all targets as far as 9530/40.
As I write we topped exactly here but bulls remain in full control despite severely overbought conditions.
Today’s Analysis
Emini S&P if you have been waiting for a decent selling opportunity then it’s worth a try at 200 day moving average resistance at 2997/3000 (for a swing trade) but be ready to stop and buy a break above 3010.
This triggers the next clear buy signal. (We are then only 387 points from the all-time high – how does that make any sense?).
Shorts at 2997/3000 initially target 2980/77, then 2970/68.
Further losses meet best support for today at 2928/55 for a quick scalp with stops below 2950. A break lower targets 2937/35. Nasdaq hits all targets as far as 9530/40 as we look for 9580/90, perhaps as far as 9610/20 today. If we continue higher look for 9655/60 before a retest of the all time high at 9760/63.
Downside expected to be limited while we wait for a sell signal. Below 9500 however risks a slide to 9430/20. Try longs with stops below 9400.
Trends
- Weekly outlook is positive
- Daily outlook is positive
- Short Term outlook is positive