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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Chart

SP500

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.

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