Emini SP500: Downside is expected to be limited after the bullish breakout with support at 3424
|Emini SP 500_Nasdaq
Emini S&P September Futures straight through 3388/98 for buy signal with all targets hit as we reach 3448.
Nasdaq we wrote: bulls remain in full control as we look for 11590/600, 11660/690 & perhaps as far as 11750/770.
We topped exactly here this time.
Daily Analysis
Emini S&P new all time high at the next target of 3449/50 & of course we topped exactly here. Further gains always possible in this crazy relentless bull trend targeting 3462/64 & 3480, perhaps as far as 3495/99.
Downside is expected to be limited after the bullish breakout with support at 3424/20. We bottomed exactly here yesterday with longs offered an easy 25 point profit on the bounce. Longs need stops below 3410 today. Obviously we have strong support at 3398/95. Longs need stops below 3390.
Nasdaq bounces back above 11590/600 to hit 11660/690 and our next target of 11750/770. We topped exactly here as I write but further gains always possible, likely in fact, despite severely overbought conditions as we look for 11820/30 & 11900/920.
Downside is expected to be limited in the strong bull trend but below 116990 risks a slide to 11640 with strong support at 11580/540. Longs need stops below 11490. Further losses meets support at 11420/400. Longs need stops below 11350.
| Trends | |
| Weekly Outlook | Positive |
| Daily Outlook | Positive |
| Short Term Outlook | Positive |
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