Emini S&P breaks important support at 4220/4200 tumbling to my target of 4130/20

Jason Sen DayTradeIdeas.co.uk

US market outlook

Emini S&P December futures breaks important support at 4220/4200 tumbling to my target of 4130/20 with a low for the day exactly here. A break below 4110 is the next sell signal for 4070/65, probably as far as 4020/10.

Minor resistance at 4170/80 with strong resistance at 4205/15. Shorts need stops above 4225.

Nasdaq December futures crashed below support at 14590/530 for an important sell signal targeting 14430 & 14280/250 before a low for the day only 40 ticks from the next target of 14100/14000. This is also a strong support level so if tested today, (after Friday's inside day) there is a good chance of a low but longs need stops below 13950.

First resistance at 14450/550. Shorts need stops above 14600.

Emini Dow Jones December broke the October low at 33070/020 for a sell signal & we then hit my targets of 32750/700 & 32450/400 with a low for the week exactly here. Nice quick profits if you managed to short.

A bounce from 32450/400 is not out of the question but longs look too risky to me. If we do recover look for resistance at 32800/830 then a sell opportunity 33000/33100. Shorts need stops above 33200.

However if we break below 32380 (as I think is likely) look for 32150/100 & even 31830/800.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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