Technical analysis and trade ideas: Gold, WTI crude oil, dollar, emini SP500, and Dow Jones [Video]
|Emini S&P retests support at 3138/35. If we continue lower look for 3126/23 then a buying opportunity at 3110/05, with stops below 3100. Bears need a break below 3090 for a short term sell signal.
Longs at support at 3138/35 re-target 3144/45 then minor resistance at 3154/56. Further gains obviously look for 3172/74, perhaps as far as 3182/84. Resistance at 3 week highs at 3193/96. A break higher targets 3210 & resistance at June recovery high at 3227/31.
Nasdaq bulls need prices to hold above 10550 for a recovery to 10600/610. Gains are likely to be limited But further gains can target 10650/670 with potential resistance at the new all time high at 10685/695, where we hit profit taking yesterday. Shorts still not a safe bet. A break above 10710 then next buy signal.
Emini Dow Jones fell as far as 25741. Watch first resistance at 25890/920. Holding here re-targets 25750/740 with first support at 25720/690. A break lower targets 25600, perhaps as far as 25520/500.
First resistance at 25890/920 but above 25980 allows a further recovery to 26080/100 before a retest of 26250/280.
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