Emini S&P December beat resistance at 3600/05

Jason Sen DayTradeIdeas.co.uk

Emini S&P 500 – Nasdaq

Emini S&P December beat resistance at 3600/05 for a buy signal targeting 3521/23 & last week's high at 3635/38 before holding 10 points from the all time high at 3664/68.

Nasdaq December beat strong resistance at 12050/080 to reach 12173.

Daily Analysis

Emini S&P holding 3635/38 on the downside allows a recovery to 3655 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.

Below 3630 risks a slide to 3623/20, perhaps as far as 3609/07. Strong support at 3590/85, longs need stops below 3580.

Nasdaq holding what should be strong support at 12070/050 re-targets 12150/173. A break higher is another buy signal targeting 12250/270 before a retest of the double top all time high at 12410/465.

A break below 12020 risks a slide to 11980/950. Further losses meet strong support at 11850/800.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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