Emini Dow Jones meets resistance at 26600/700
|Emini Dow Jones – Nasdaq
Emini Dow Jones December we wrote: breaks very strong support at 26200/150 to hit 25953. However we are very oversold & it is possible we bounce back...
We did bounce back through 26100/200 to the next target of 26400/450.
Nasdaq tested very strong support at 11100/000 & initially offered up to 200 ticks profit on the first bounce. On the 2nd test we over ran a little but only by 66 ticks to 10944.
Daily Analysis
Emini Dow Jones meets resistance at 26600/700. Shorts need stops above 26800. A break higher is a buy signal targeting resistance at 27050/150. Try shorts with stops above 27250. A break higher is a bigger buy signal initially targeting 27400/450.
Shorts at at 26600/700 target 26300/250, perhaps as far as 26150/100. Further losses retest 25953. A break below 25950 keeps bears in control, despite oversold conditions targeting 25880 & 25750/700, perhaps as far as 25550/500.
Nasdaq tests very strong support at 11100/000 in oversold conditions. Longs need stops below 10900 targeting the 2 year trend line 10800/750. A break below here is an important longer term sell signal.
Longs at very strong support at 11100/000 need to see prices back above 11200 which then opens the door to 11300/350. A break above 11400 is a buy signal targeting 11500/550.
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