S&P 500: Failure to beat 3490 risks a retest of 3465
|Emini SP 500 – Nasdaq
Emini S&P collapsed from minor resistance at 3520/23, breaking best support at 3493/90 this time. This held as resistance on the bounce before we hit the next target of 3465/60. We bottomed exactly here so this is key support for today.
Nasdaq broke support at 11980/940 but unfortunately did not make it as far as our buying opportunity at 11820/800.
Daily Analysis
Emini S&P bounce from 3465/60 meets first resistance at 3490/92. We should struggle here. Shorts need stops above 3500. A break higher targets minor resistance at 3520/23 & if we continue higher we can retest minor resistance at this week's high of 3539/41. On a break higher look for 3566/70. Above here there is nothing to stop a retest of the September high at 3582/86.
Failure to beat 3490/93 risks a retest of 3465/60. A break lower targets 3445 & minor support at 3435. Further losses should find strong support at 3410/00.
Nasdaq buying opportunity at 11900/850 with stops below 11800. A break lower targets 11730/710 then a buying opportunity at 11600/550. Stop below 11600.
First resistance at 12000/030 but a break higher is more positive targeting 12160/200 then 12340/350, before a retest of the all time high at 1245/465. In overbought conditions this should be strong resistance & of course we risk the formation of a negative double top.
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