CPI day – How will Gold, Silver and stock markets react? [Video]

Emini S&P futures

Emini S&P December made a low for the correction at 7322 on Friday & shot higher yesterday to my targets of 7450/7455, 7490 & resistance at 7530/7540.

Shorts were stopped above 7550 for a buy signal targeting 7600 & we made a high for the day exactly here.

Pretty good?

A break above 7600 targets 7620/25 then 7650/7655.

Above 7660 look for 7710/7715.

Again we have major support at 7355/7310.

Longs need stops below 7300A break lower is a sell signal targeting 7240/7230 and on a break below here look for very important longer-term support at 7185/ 7170.

I will still be a buyer at support levels such as this and in this case longs need a stop below 7130 (We need wider stops in this volatile environment).

A bounce from support at 7185/ 7170 could easily target 7300 quite quickly.

Emini Nasdaq futures

Emini Nasdaq December has shot higher from the critical support area at 26600 /26400 to short-term Fibonacci resistance at 27 550 /27 650...but shorts here stopped above 27750.

The longer-term support worked in both S&P & Nasdaq.

WE WROTE: If stops are triggered we should then see 27 600 work as a support level to target 28,100/ 28,300.

Buying back in to the long position worked perfectly as we hit the next target of 28100/28300, with a high for the day exactly here.

This is the resistance area for today & shorts need stops above 28450.

A break above 28450 is a buy signal targeting 28550 & 28800.

Shorts at 28100/28300 can target 27750/700, perhaps as far as support at 27500/27400.

Longs need stops below 27300.

Further losses target 27000 & 26750 before the critical support area at 26600 /26400.

Again, this could be a huge longer-term buying opportunity but longs need a stop below 26150.

A break below here this week would be a significant sell signal & we could easily crash again to 24900/24800.