Emini SP 500 – Nasdaq

Emini S&P collapsed from minor resistance at 3520/23, breaking best support at 3493/90 this time. This held as resistance on the bounce before we hit the next target of 3465/60. We bottomed exactly here so this is key support for today.

Nasdaq broke support at 11980/940 but unfortunately did not make it as far as our buying opportunity at 11820/800.

Daily Analysis

Emini S&P bounce from 3465/60 meets first resistance at 3490/92. We should struggle here. Shorts need stops above 3500. A break higher targets minor resistance at 3520/23 & if we continue higher we can retest minor resistance at this week's high of 3539/41. On a break higher look for 3566/70. Above here there is nothing to stop a retest of the September high at 3582/86.

Failure to beat 3490/93 risks a retest of 3465/60. A break lower targets 3445 & minor support at 3435. Further losses should find strong support at 3410/00.

Nasdaq buying opportunity at 11900/850 with stops below 11800. A break lower targets 11730/710 then a buying opportunity at 11600/550. Stop below 11600.

First resistance at 12000/030 but a break higher is more positive targeting 12160/200 then 12340/350, before a retest of the all time high at 1245/465. In overbought conditions this should be strong resistance & of course we risk the formation of a negative double top.

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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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