S&P 500: A sustained break above 4030 signals a bullish breakout
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFEREmini S&P March - It's make or break for Emini S&P today as we test:
The 1 year 38.2% Fibonacci resistance at 4000.
The 5 month 61.8% Fibonacci resistance at 4012.
The 1 year downward sloping trend line at 4020.
In overbought conditions.
Even on the short term charts, taking my Fibonacci levels from the December high, we have a 61.8% resistance at 4008.
Nasdaq March has recovered 50% of the December loss & closed above the 100 day moving average at 11565.
We have a 3 month bear flag in the Emini Nasdaq as we test the red 200 week moving average resistance.
Emini Dow Jones March.
Daily analysis
Emini S&P March held resistance at 4000/4020. Targets for shorts are 3950/40 & 3900/3890.
A sustained break above 4030 signals a bullish breakout & I have to take this as a medium term buy signal. A minimum 100 point jump would then be expected.
Nasdaq March we wrote: break above 11570 can target 11650/700. A high for the day at 11638, so I was pretty close!! If we continue higher look for 11900/950.
A minor negative candle yesterday but I must wait for a sell signal - no sign of a turn yet, although bulls need prices to hold above 11580/530 to remain in full control. A break below 11500 risks a slide to 11450/400, perhaps as far as 11250.
Emini Dow Jones support at 34100/050 with a bounce to target 34450/500. Further gains can target 34700.
Until we get a sell signal, we can buy at support at 34100/050. Below 34000 however risks a slide to support at 33870/840.
Emini S&P March - It's make or break for Emini S&P today as we test:
The 1 year 38.2% Fibonacci resistance at 4000.
The 5 month 61.8% Fibonacci resistance at 4012.
The 1 year downward sloping trend line at 4020.
In overbought conditions.
Even on the short term charts, taking my Fibonacci levels from the December high, we have a 61.8% resistance at 4008.
Nasdaq March has recovered 50% of the December loss & closed above the 100 day moving average at 11565.
We have a 3 month bear flag in the Emini Nasdaq as we test the red 200 week moving average resistance.
Emini Dow Jones March.
Daily analysis
Emini S&P March held resistance at 4000/4020. Targets for shorts are 3950/40 & 3900/3890.
A sustained break above 4030 signals a bullish breakout & I have to take this as a medium term buy signal. A minimum 100 point jump would then be expected.
Nasdaq March we wrote: break above 11570 can target 11650/700. A high for the day at 11638, so I was pretty close!! If we continue higher look for 11900/950.
A minor negative candle yesterday but I must wait for a sell signal - no sign of a turn yet, although bulls need prices to hold above 11580/530 to remain in full control. A break below 11500 risks a slide to 11450/400, perhaps as far as 11250.
Emini Dow Jones support at 34100/050 with a bounce to target 34450/500. Further gains can target 34700.
Until we get a sell signal, we can buy at support at 34100/050. Below 34000 however risks a slide to support at 33870/840.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.