Emini SP 500 – Nasdaq
Emini S&P December no sell signal but we are overbought. We are trading in a 100 point sideways consolidation from 3530/20 up to 3620/30.
Nasdaq December volatility is decreasing & we are establishing a sideways range. We held minor resistance at 12050/090 this week to hit the downside target of 11880/840.
Daily Analysis
Emini S&P in a sideways consolidation to ease overbought conditions but there's no sell signal. Very minor resistance at 3590/93 & again at 1 week trend line resistance at 3618/23 but above 3626 targets 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.
We are holding support at 3664/62 over night but a break below 3550 is a sell signal targeting 3535 & support at 3530/20 for profit taking on shorts. Try longs at 3500/3495 with stops below 3485.
Nasdaq holds the 11880/840 target but if we continue lower today look for a buying opportunity at 11700/650 with stops below 11600. A break below lower is a sell signal targeting 11500/450 & 11350/300.
Minor resistance at 11925/960 then strong resistance at 12050/090.
Chart
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.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.