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Emini S&P Waiting For A Pattern Confirmation

By Jason SenStock MarketsDec 07, 2017 02:36AM ET
www.investing.com/analysis/emini-sp-daily-forecast--07-december-2017-200271218
Emini S&P Waiting For A Pattern Confirmation
By Jason Sen   |  Dec 07, 2017 02:36AM ET
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Emini S&P Weekly Chart
Emini S&P Weekly Chart

Emini S&P holding support at 2625/23 and hit the first target of 2636/38 and probably the strongest resistance today. However eventually further gains are possible to more minor resistance at 2648/50. Exit longs and try shorts on the approach to the all time high at 2665.25. IT IS ENTIRELY POSSIBLE THAT THIS WILL MARK A HIGH FOR THE NEAR 10 YEAR BULL MARKET AS THIS IS 6.5 YEAR TREND LINE RESISTANCE. I AM WAITING FOR PATTERN CONFIRMATION.

Be aware that market tops are often marked by extended periods of extreme volatility – I am NOT saying this has started but let's see what develops.

Failure to beat 2636/38 targets good support at 2620/18. Watch for a low for the day (we are still in a strong bull trend). Stop below 2615 and look for the next target and a truly excellent short term buying opportunity at 2607/05.

Emini S&P Waiting For A Pattern Confirmation
 
Emini S&P Waiting For A Pattern Confirmation

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