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S&P 500 E-Mini Holds Support, Dow Forms Head and Shoulders Pattern: What's Next?

Published 09/14/2023, 04:49 AM

S&P 500 Emini December futures are holding both support at 4500/4490 and strong resistance at 4550/60 so far this week as we form a downward-sloping channel. Shorts need stops above 4570.

Shorts at 4550/60 can retarget at 4500/90. If we continue lower this week, however, look for 4465/60 and 4450.

December contract is trading about 50 points above September.

Emini S&P 4-Hr Chart

Nasdaq 100 December futures are stuck in the middle of a 2-month triangle consolidation pattern from support at 15360/330 up to resistance at 15730/770. Trade the range and wait for a breakout.

December is trading about 195 points above September.

Nasdaq 4-Hr Chart

Dow Jones December: I am watching for the formation of a head and shoulders pattern with a neckline at 34550/500.

Upper trend line resistance at 35120/160. Shorts need stops above 35250. A break higher should be a buy signal targeting 35320 and 35410.

December is trading about 330 points above September.

Emini Dow Jones 4-Hr Chart

Latest comments

hlo
Bear trap
Thanks Jason, any news about Dax 40
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