Stock markets hit new all time highs [Video]

Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P DECEMBER futures beat the all time high at 7858.50 for a buy signal taking us up to the high for the December contract at 7898/7904.

We made a new all time high almost exactly here at 7897.50.

I'm gambling on this being the start of a new leg higher in the longer term bull trend and a break above 7905 should be another buy signal targeting, 7922/27, 7950/7960 then 7977/7980.

However we broke support at 7850/45 & longs were stopped below 7835 as we gave up Tuesday's gains.

I sincerely hope we are not entering yet another sideways consolidation having made a new all time high, but the pattern for the last five months is to move higher, then consolidate sideways.

Nevertheless I will continue to use any weakness to enter long positions as we remain in a longer term bull trend

The first support Is it 7848/7843 & longs need stops below 7834.

A break lower risks a slide to strong support at 7815-7805 and longs need stops below 7795.

Targets: 7830, 7840.

Emini Nasdaq futures

Emini Nasdaq DECEMBER reversed to support at 31290/31200 & longs need stops below 31100.

A break lower meets good buying opportunity at 30980/30900 & longs need stops below 30800.
Targets: 31200, 31350, 31500

The long position at 31290/31200 is starting to work (with a low for the day at 31143) on the recovery to targets of 31460 (a high for the bounce over night here) as we look 31570 & a retest of the all time high at 31616 .

A break above here this week should target 31650, perhaps as far as 31740.

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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