US market outlook
Emini S&P December futures breaks important support at 4220/4200 tumbling to my target of 4130/20 with a low for the day exactly here. A break below 4110 is the next sell signal for 4070/65, probably as far as 4020/10.
Minor resistance at 4170/80 with strong resistance at 4205/15. Shorts need stops above 4225.
Nasdaq December futures crashed below support at 14590/530 for an important sell signal targeting 14430 & 14280/250 before a low for the day only 40 ticks from the next target of 14100/14000. This is also a strong support level so if tested today, (after Friday’s inside day) there is a good chance of a low but longs need stops below 13950.
First resistance at 14450/550. Shorts need stops above 14600.
Emini Dow Jones December broke the October low at 33070/020 for a sell signal & we then hit my targets of 32750/700 & 32450/400 with a low for the week exactly here. Nice quick profits if you managed to short.
A bounce from 32450/400 is not out of the question but longs look too risky to me. If we do recover look for resistance at 32800/830 then a sell opportunity 33000/33100. Shorts need stops above 33200.
However if we break below 32380 (as I think is likely) look for 32150/100 & even 31830/800.
Comments are closed.