Emini SP 500 _ Nasdaq March contract
Emini S&P topped exactly at strong resistance from 2600 up to 2620. I am now scaling in to shorts with wide stops above 2635, expecting the bear trend to resume. An unexpected break higher however is a buy signal.
Failure to beat 2600/2620 targets 2580/75, 2570 & minor support at 2560/55. On further losses look for 2550/47 & 2540/36.
Nasdaq held 6630/40 for a small a double top sell signal targeting first support at 6575/65. We bottomed exactly here but further losses are likely for 6535 & support at 6525. Longs are increasingly risky & if we continue lower look for 6505, 6495 & 6470.
A break above 6645 takes us towards resistance at 6675/80. Watch for a high for the day. A break above 6695 however targets 6711/14 then 6720/23.
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.