Emini Dow Jones bottomed exactly at the next target of 25000/24950
|Emini Dow Jones
December contract Emini Dow Jones bottomed exactly at the next target of 25000/24950 but below 24900 look for 24790/770, perhaps as far as 24650/630. Below 24600 targets 24400/350 before the most important support of the week from 24330 to 24230. A break below 24050 is a serious medium term sell signal.
Gains are likely to be limited with first resistance at 25220/250. Above 24300 look for 25400/420 with a selling opportunity at 25500/500 & stops above 25650. A break higher targets 25750/780.
Nasdaq gains are likely to be limited as bears take control with first resistance at 6865/70. Above 6880 however allows a further recovery to 6892/96, perhaps as far as 6917/20. Try shorts at 6955/60 with stops above 6975.
Best support at 6790/6780 but longs are definitely too risky & a break below 6770 targets 6755/50, 6735 & 6715/10. Below 6700 look for 6670/60.
S&P December contract
Emini S&P just bounced from minor support at 2700/2698. Below 2694 look for minor support at 2684/82. A break below 2670 risks a slide to 2660 & 2655/53.
We are oversold short term so a small recovery possible but bears appear to be gaining control. Holding above 2710 targets first resistance at 2720/23. Further gains target 2733/35 with resistance at 2740/42. I doubt we will see a strong recovery but above here look for 2755/57. If we unexpectedly reach 2765/68, try shorts with stops above 2775.
Nasdaq gains are likely to be limited as bears take control with first resistance at 6865/70. Above 6880 however allows a further recovery to 6892/96, perhaps as far as 6917/20. Try shorts at 6955/60 with stops above 6975.
Best support at 6790/6780 but longs are definitely too risky & a break below 6770 targets 6755/50, 6735 & 6715/10. Below 6700 look for 6670/60.
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