S&P December contract
Emini S&P holding support at 2625/23 & hit the first target of 2636/38 & probably the strongest resistance today. However eventually further gains are possible to more minor resistance at 2648/50. Exit longs & try shorts on the approach to the all time high at 2665.25. IT IS ENTIRELY POSSIBLE THAT THIS WILL MARK A HIGH FOR THE NEAR 10 YEAR BULL MARKET AS THIS IS 6.5 YEAR TREND LINE RESISTANCE. I AM WAITING FOR PATTERN CONFIRMATION.
Be aware that market tops are often marked by extended periods of extreme volatility - I am NOT saying this has started but let's see what develops.
Failure to beat 2636/38 targets good support at 2620/18. Watch for a low for the day (we are still in a strong bull trend). Stop below 2615 & look for the next target & a truly excellent short term buying opportunity at 2607/05.
Emini Dow Jones December contract
Emini Dow Jones holding below first resistance at 24240/230 (we topped exactly here on the bounce) re-targets 24135/125 before yesterday's low at 24083 & hopefully as far as support at 24045/035 for a buying opportunity. Stop below 23990. Further losses target 23890 but look for an excellent buying opportunity at 23740/720.
First resistance at 24230/240 but above here targets 24325/335 then 24385/395 before the all time high at 24536. A break above 24550/56 targets 24760/780 & 24970/990.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.