Emini S&P 500: In a sideways consolidation to ease overbought conditions

Jason Sen DayTradeIdeas.co.uk

Emini SP 500 – Nasdaq

Emini S&P December trading in a triangle consolidation from support at 3530/25 up to resistance at 3610/15.

Nasdaq December volatility is decreasing & we are establishing a sideways range exactly as predicted.

Daily Analysis

Emini S&P in a sideways consolidation to ease overbought conditions exactly as predicted. Very minor resistance at 3565/70 & again at 3591/95. Further gains test 2 week triangle trend line resistance at 3610/15. Shorts need stops above 3620. A break higher targets this week's high at 3635/38 before a retest of the all time high at 3664/68. A break higher has to be taken as a buy signal although I think gains are likely to be limited. Look for 3673/75 & 3686/90.

Holding 3565/70 targets 3545/40 with minor trend line support at 3535/30 for profit taking on any shorts. Be ready to sell a break below 3525 for a buying opportunity at 3500/3495 with stops below 3485.

Nasdaq bounced from just below 11880/840 to target minor resistance at 11925/960 then strong resistance at 12050/090. Try shorts with stops above 12120. A break higher is a short term buy signal targeting 12250/270 before a retest of the double top high at 12410/465.

Shorts at 12050/090 target 11990/960 then 11900/860. Cover any remaining shorts at the lower end of the short term range at 11840/800. There is a buying opportunity at 11700/600 with stops below 11550. A break below lower is a sell signal targeting 11500/450 & 11350/300.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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