Emini SP500: bulls now need a break above 3200

Jason Sen DayTradeIdeas.co.uk

Emini SP 500 and Nasdaq December Futures

Emini S&P beat the all time high of 3158 for the next buy signal targeting 3166/68 & 3175/77. All targets hit.

Nasdaq beat the all time high of 8454/58 to hit the next target of 8485/90.

Daily Analysis

Emini S&P shot higher to 3183 as I write. This hits 2 year trend line resistance perfectly in the 3185/95 area. Therefore bulls now need a break above 3200 for another buy signal.

Minor support at 3168/66 then better support at 3158/56 could hold the downside. Longs need stops below 3150. Next target & strong support at 3143/40. Nasdaq higher to the next target of 8485/90. A break above 5810 targets 8545/55 & if we continue higher look for 8600/10.

Holding below 8490 risks a slide to support at the previous all time high of 8459/55. Longs need stops below 8445.

Trends

Weekly outlook is positive

Daily outlook is positive

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.