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E-mini S&P completed the right should of a small head & shoulders pattern breaking the neck line is at 4590/4580 for a medium term sell signal. A bounce to this level was a perfect sell opportunity again yesterday.
A potential drop of 200 points is on the cards. We have already seen a 150 point drop
NASDAQ Futures could be starting a short term bear trend - that situation is certainly developing with lower highs on bounces and lower lows on each down move.
Yesterday we accelerated moves to the downside and the outlook remains negative.
E-mini Dow Jones broke the 200 day moving average at 34900/850 as expected to hit the next target of 34560/540. Outlook remains negative.
E-mini S&P break of the neck line at 4590/80 is a significant sell signal as we hit all targets as far as 4450/45 for bumper profits. The only support for today is the 200 day moving average at 4430/20. A weekly close (or a break lower today of course) is another important medium term sell signal. First target would be 4360/50. However 4200 is definitely not out of the question.
Gains are likely to be limited as panic seems to build. First resistance at 4520/30. Shorts need stops above 4550. Strong resistance at 4590/4600 of course.
NASDAQ is building a minor negative trend in January with a break below the 200 day moving average at 15000/14950 another a significant sell signal. Losses accelerate to the downside as predicted. The break below 14830 is the next sell signal targeting the only support for today at
14430/14380. A weekly close below here is an important sell signal for next week. We could easily drop another 500 points.
Gains are likely to be limited with strong resistance at 15000/100 & again at 15400/500.
E-mini Dow Jones likely to targets first support at 34050/33950. I am concerned about a break lower later in the day, for a sell signal eventually targeting 33200.
Gains are likely to be limited with resistance at 34900/35000 and 35350/450.
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