Nasdaq held 6630/40 for a small a double top sell signal targeting first support at 6575/65
|Emini SP 500 _ Nasdaq March contract
Emini S&P topped exactly at strong resistance from 2600 up to 2620. I am now scaling in to shorts with wide stops above 2635, expecting the bear trend to resume. An unexpected break higher however is a buy signal.
Failure to beat 2600/2620 targets 2580/75, 2570 & minor support at 2560/55. On further losses look for 2550/47 & 2540/36.
Nasdaq held 6630/40 for a small a double top sell signal targeting first support at 6575/65. We bottomed exactly here but further losses are likely for 6535 & support at 6525. Longs are increasingly risky & if we continue lower look for 6505, 6495 & 6470.
A break above 6645 takes us towards resistance at 6675/80. Watch for a high for the day. A break above 6695 however targets 6711/14 then 6720/23.
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