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.




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