S&P 500: Longs need stops below 4595
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Emini S&P December hitting the targets as far as 4696/99 before reversing from 4712 & we are closing in on first support at 4675/70 this morning.
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Nasdaq December seeing a little profit taking from our 16420/440 target but downside should be limited in the bull trend with no sell signal yet, despite overbought conditions.
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Emini Dow Jones December we wrote: hit the next target of 36000/100 & if we continue higher in the bull trend look for 36250/280.
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Target hit with a new all time high at 36375.
Daily analysis
Emini S&P meets first support at 4675/70. Longs need stops below 4665 but then expect strong support at 4650/45. Try longs with stops below 4635. Unlikely but further losses meet an excellent buying opportunity at 4615/05. Longs need stops below 4595.
The only resistance is at 4710/15. You would have to brave or crazy to sell short in this endless bull market! A break above 4720 targets 4735/40 then 4760.
Nasdaq December straight to the next target of 16420/440 with a new all time high only 8 ticks above!! Eventually we can reach 16700, perhaps this week. Then we look for 16850.
First support at 16260/240 likely to be tested this morning, but below here meets second support at 16140/120. Unlikely but further losses meet a buying opportunity at 15970/920. Longs need stops below 15890.
Emini Dow Jones December new all time high at 36375 but watch resistance at 36410/440. I certainly do not recommend a short but we could pause here. If we continue higher look for 36490/500 & 36750/800.
First support at 36100/35950. Best support at 35700/650. Longs need stops below 35550.
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