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NASDAQ: Shorts Need Stops Above 16500

By Jason SenStock MarketsNov 24, 2021 05:04AM ET
NASDAQ: Shorts Need Stops Above 16500
By Jason Sen   |  Nov 24, 2021 05:04AM ET
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  • S&P 500 Futures longs at first support at 4670/68 unexpectedly stopped below 4660 before a bounce from 4650. Bulls remain in control with no sell signal. (Although the bearish engulfing candle is likely to signal a sideways trend so ease severely overbought conditions).
  • Emini NASDAQ December lower after a huge bearish engulfing candle, which is a very short-term negative signal. Shorts at first resistance at 16400/450 worked perfectly, with a high for the day here. However, we were buying at 16230/200, with stops below 16150. A low for the day at 16119, so, unfortunately, my stop was too tight with recovery now as far as 16350.
  • Dow Jones Futures December shorts at first resistance at 35850/950 worked perfectly with a high for the day here, followed by buying into longs at strong support at 35450/350 & a low for the day here.

Today's Analysis

Emini S&P will stick with first support at 4670/68, but a break below 4660 targets 4640, then the better support at 4630/20.  Try longs with stops below 4615. The best support at 4600/4395 this week - stop below 4385.

Minor resistance at 4700/10 but above here retargets 4720/23 & 4735/40 than 4750.

S&P 500 chart.
S&P 500 chart.

NASDAQ December's best support for today is at 16230/180. Try longs with stops below 16100. Hopefully, that gives us enough room. However, a break lower sees 16180/230 working as resistance to target 16030/010 before a buying opportunity at 15900/850. Try longs with stops below 15750.

The first resistance again is at 16400/450. Shorts need stops above 16500. A break higher targets 16550/600 before a retest of the all-time high at 16630/767.

NASDAQ chart.
NASDAQ chart.

Emini Dow Jones December longs at 35450/350 worked perfectly on the bounce to 35790, just below first resistance at 35850/950. A break above 36000 should be a buy signal targeting 36230/250.

Strong support again is at 35450/350. A break lower, however, targets 35100/35000. Watch for a bounce from here on the first test. However, a break lower meets a buying opportunity at 34800/750, with stops below 34650.

NASDAQ: Shorts Need Stops Above 16500

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NASDAQ: Shorts Need Stops Above 16500

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Ibrahim Habib Muhammad
Ibrahim Habib Muhammad Nov 25, 2021 10:12AM ET
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