• Emini S&P December bearish engulfing candle is likely to signal sideways trend so ease severely overbought conditions, although my first support at 4670/68 was not accurate because we over ran again to 4656.

  • Nasdaq December longs at best support for the day at 16230/180 worked as we held above 16100 for a bounce to first resistance again at 16400/450.

  • Emini Dow Jones December shorts at first resistance at 35850/950 worked perfectly with a high for the day here, followed by buying into longs at strong support at 35450/350 & a low for the day here. Perfect calls!!

Daily analysis

Emini S&P seeing a recovery as expected reaching very minor resistance at 4700/10 but above here retargets 4720/23 & 4735/40 then 4750.

I am still expecting the downside to be limited with first support at 4670/60. Longs need stops below 4650. Next target & better support at 4630/20.  Try longs with stops below 4615. The best support at 4600/4395 this week - stop below 4385.

Chart

Nasdaq December up to 200 ticks profit on our longs as we hit first resistance again at 16400/450. Shorts need stops above 16500. A break higher targets 16550/600 before a retest of the all time high at 16630/767.

Best support for today at 16200/160. Try longs with stops below 16100! Hopefully that gives us enough room. A break lower however sees 16180/230 working as resistance to target 16030/010 before a buying opportunity at 15900/850. Try longs with stops below 15750.

Chart

Emini Dow Jones December longs at 35450/350 worked perfectly on the bounce to first resistance at 35850/950 for an easy 400 tick profit. A break above 36000 should be a buy signal targeting 36230/250.

Minor support at 35750/700 but below here targets 35600. Strong support again at 35450/350. A break lower however targets 35100/35000. Watch for a bounce from here on the first test. However a break lower meets a buying opportunity at 34800/750, with stops below 34650.

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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