Trade Ideas for Tuesday 6th February 2024.
Emini S&P March futures shot higher on the big news to the next target of 4985/87 and almost as far as 5000/02. This is an important psychological number and we should struggle to beat this level initially but there's no reason to short this market and a break higher eventually can target 5010/12 next week.
Support at 4960/55 did not hold but frustratingly we made a low for the day less than 3 points above strong support at 4935/30. Longs here today need stops below 4925.
Nasdaq March remains in a sideways consolidation to ease overbought conditions but there is definitely no sell signal!! Obviously, bulls want a break above the all-time high of 17793 for a buy signal this week, initially targeting 17950/990. A break above 18030 will be the next buy signal this week.
Support again at 17470/430. Longs need stops below 17400.
Support again at 17250/200. Longs need stops below 17150.
A break lower however risks a slide to 17080/050 and perhaps as far as strong support at 16950/900.
Emini Dow Jones March new all-time high at 38892 as we beat Wednesday's bearish engulfing candle for a buy signal. Next target is 38970/39000. Above here we look for 39160/190.
We made a low for the day exactly at my support at 38380/280. Stop below 38200.
A break lower is a sell signal for today targeting 38000/37950, perhaps as far as 37850.