US index scalping levels
|Emini S&P futures
- Emini S&P broke support at 6775/6770 and longs stopped below 6760.
- As predicted the break lower targeted 6730/25 with a low for the day exactly here.
- Although this is not a strong support level it has held - It represents a 50% drop from strong recovery from the 21st November.
- A bounce from here is possible with short term conditions overbought & would target 6770/6780.
- There is a chance of a high for the day here but shorts need stops above 6790.
- If we break higher, look for the next target of 6825/6835.
- A break below 6720 however can target 6685/6680.
Nasdaq futures
- Emini Nasdaq broke lower towards the next downside target & strong support at 24600/550, although we haven't quite reached it yet.
- There is a good chance of a low for the day here.
- Longs need stops below 24450.
- Targets for the bounce are 24800/850 & 25000/25050 is possible.
- A break above 25150 would then be the next buy signal
- However a break below 24450 can target an excellent buying opportunity in the 24200/24000 range.
- Longs need stops below 23900.
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