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S&P 500 March Futures Finally Collapse

By Jason SenStock MarketsDec 20, 2022 12:30AM ET

www.investing.com/analysis/sp-500-march-futures-finally-collapse-200633623

By Jason Sen | Dec 20, 2022 12:30AM ET

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S&P 500 Futures March finally collapsed - I have waited far too long for this move, and I do not understand why we saw a 4% rally on the CPI number.

The massive negative candle on the weekly chart suggests the next leg lower in the bear trend will be brutal for bulls.

Nasdaq 100 Futures March lower as predicted to 11400/350, with the close below 11300 acting as the next sell signal targeting 11100/11000 - a low for the day only 32 ticks above.

Dow Jones Futures March collapsed as expected after the sell signal, hitting my target of 33100/33000 and only 20 ticks from 32850/750.

Remember, when support is broken, it usually acts as resistance and vice-versa.

Today's Analysis

Emini S&P March finally collapsed and I believe we are resuming the 2022 bear trend at last. We broke support at 3940/30 and I think we should continue lower as investors' reality finally wakes up and accept the reality that no pivot or rate cut is coming.

At last, the market is reacting negatively to bad news and not seeing it as a factor that will force a pivot - this last month has been a load of nonsense.

We hit my next targets of 3910/00, then 3870/60 and 17 points from 3810/00. On further losses, look for 3785/75, perhaps as far as 3735.

Again, gains will likely be limited, with minor resistance at 3900/10 (a high for the day exactly here) and strong resistance at 3940/60. Shorts need stops above 3980.

Nasdaq March close below 11300 is the next sell signal targeting 11100/11000, perhaps as far as 10850/750.

Gains are likely to be limited with strong resistance at 11380/420. Strong resistance at 11530/590. Shorts need stops above 11700.

Emini Dow Jones collapsed again as predicted to my target of 32850/750. Longs are risky. A break lower targets 32500/450 and then 32100/32000.

Gains will likely be limited with strong resistance at 33300 and 33600/700. Shorts need stops above 33800.

Currency Pair Table

Comments (1)

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Nearly every member of the Modern Family improved last week, with the Russell 2000 IWM, iShares Transportation Average ETF (NYSE:IYT), VanEck Semiconductor ETF (NASDAQ:SMH), SPDR®...

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Yesterday. the S&P 500 retreated 1.3% and gave back a big chunk of last week’s gains. Easy come, easy go. But this shouldn’t surprise readers because we knew something like this...

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Comments (1)

carl colucci Dec 20, 2022 10:33AM ET

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Blah Blah Blah. More of the same gloomy doomy news that makes for good grabby headlines and fast paychecks. Another person who knows exactly what is going on with all numbers and jargon to go with it. If life was that easy we can all sit in our recliners and press a few buttons. I’m not commenting on this author but the fact that these stories were not written at this time last year. As always this is just an educated opinion to be put in a file with all the others we get and not to be taken as fact

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S&P 500 March Futures Finally Collapse

Today's Analysis

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