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Emini S&P December rocketed back to my selling opportunity at 4660/65. Shorts here worked perfectly with a high for the day just 4 points above & an overnight collapse to 4582 as I write.
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Outlook remains negative after last week's bearish engulfing candle.
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Nasdaq December unexpectedly shot higher to strong resistance at 16400/450. Shorts here worked perfectly with a high for the day here as we sell off towards 16200.
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Emini Dow Jones December shot higher towards strong resistance at 35300/350 but we only reach 35234. Outlook remains negative.
Daily analysis
Emini S&P holding below 4600/4395 in what looks like a developing bear trend keeps the pressure on to test very strong support at 4560/50 & also the measured target for the completed head & shoulders sell signal. Therefore worth trying longs with stops below 4540. A break lower however is a sell signal targeting 4505/00.
First resistance at 4625/30 but above 4635 can retest our selling opportunity at 4660/65. Try shorts with stops above 4670. A break higher targets 4685/90.
Nasdaq December minor support at 16200/150 but outlook is more negative after the weekly bearish engulfing candle. A retest of last week's low at 16000/15988 is likely. A break below here is an important sell signal, expected to target support at 15880/830. This is likely to hold the first test although longs could be risky. A break lower sees 15830/880 act as resistance to target 15700 & 15600/550.
Strong resistance at strong resistance at 16400/450. Stop above 16470. A break higher is a buy signal targeting 16550/580.
Emini Dow Jones December broke support at 34800/750 this morning so holding below here targets 34550 & the measured target for the head & shoulders at 34450/350 (hit this morning exactly as I write) & as far as the 200 day moving average at 34250/200. Longs look risky. Eventually we could reach strong support at 33700/650. Longs need stops below 33500.
Gains are likely to be limited with first resistance at 34750/800 but above 34850 opens the door to 35000/100, perhaps as far as strong resistance at 35300/350. Try shorts with stops above 35450.
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