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US Index Futures Hit New All Time Highs: Correction Ahead?

Published 02/23/2024, 07:30 AM
Updated 07/09/2023, 06:31 AM

1. Emini S&P March futures beat the all-time high at 5066 for a buy signal and initially hit the next target of 5090/94 as we look for 5120/25 and 5140/45.

2. Nasdaq March futures have hit my next targets of 17800/810 and 17885/910 before a retest of this week's high at 18026

3. Emini Dow Jones March futures beat this week's high at 38900/909 and the all-time high at 38980-39012 as expected after the short-term consolidation, and hit my next target of 39160/220.

Emini S&P If you did manage to hold on to the long during this week we saw a very quick 70-point rally as far as my 5010 target and beyond to 5035. Yesterday we beat the all-time high at 5066 for a new buy signal and initially hit the next target of 5090/94 as we look for 5120/25 and 5140/45.

Any downside correction should find support at 5065/60. Longs need stops below 5050.

Nasdaq March futures hit my next targets of 17800/810 and 17885/910 before a retest of this week's high at 18026, just shy of the all-time high at 18100/120, which looks like it could be achieved today. Obviously, a weekly close above here is a buy signal for the start of next week, initially targeting 18200/220 and 18260/270, probably as far as 18320/340.

Strong support at 17800/750 and longs need stops below 17650.

Emini Dow Jones March futures beat this week's high at 38900/909 and the all-time high at 38980-39012 as expected, after the short-term consolidation and hit my next target of 39160/220.

A high for the day only 20 ticks above here. A break above 39270 targets 39450/500, probably as far as 36650/700.

Support at 39000/38900 and longs need stops below 38750.

Emini S&P 500-4-Hour Chart

Video Analysis:

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Correction to SPX -20%
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