Emini S&P March futures reversed from 5059, just 7 points from the all time high at 5066, set on Monday last week.

Obviously a break above here is a buy signal & initially targets 5090/94.

However we do have a potential double top pattern after the rejection on Friday. It's only small & would require a break below last week's low at 4936 for confirmation of a short term sell signal but if you are looking for an excuse to short the index this is the best one for a while. Shorts need stops above 5070, so the downside risk is small & if we do break below 4935 we can target 4850/40 so there is a profit taking 3:1 risk vs reward.

In the short term, for scalpers we have some support at 4985/75 (with a low for the day at 4968 yesterday) but a break below 4965 today risks a slide to 4930/25, perhaps as far as 4900/4895.

Nasdaq March futures reached 18026, just shy of the all time high at 18100/120.
A break above 18130 can target 18300/330.

However, Friday's bearish engulfing candle on the daily chart, just below the all time high is a warning for bulls. Friday's peak was not close enough to Monday's all time high to call it a double top but the price action suggests a period of consolidation, if not a short term (minor) correction to the downside.

We broke good support at 17700/650 but must hold below below 17500 if we are to see further losses targeting 17460/420, (which held the downside yesterday) perhaps as far as a buying opportunity at 17230/180. Longs here need stops below 17100.

Emini Dow Jones March futures beat resistance at 38600/650 to hit my next target of  38880/900 with a high for the day exactly here.

We can only scalp at this stage in the 2 week sideways consolidation as there are no swing opportunities until we see a breakout of the range. With minor support at 38600/550 (which did hold the downside yesterday) & 38350/300, longs need 50 point stops on these scalping levels & look for a 200 to 300 tick profit.

Any recovery meets the all time high at 38980-39012. Above here we look for 39160/220. A break above 39270 targets 39450/500.

Chart

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to daily gains above 1.0650

EUR/USD clings to daily gains above 1.0650

EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.

EUR/USD News

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.

GBP/USD News

Gold holds steady at around $2,380 following earlier spike

Gold holds steady at around $2,380 following earlier spike

Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.

Gold News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price shows no signs of directional bias while it holds above  $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research. 

Read more

Week ahead – US GDP and BoJ decision on top of next week’s agenda

Week ahead – US GDP and BoJ decision on top of next week’s agenda

US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.

Read more

Forex MAJORS

Cryptocurrencies

Signatures