US index scalping levels

Emini S&P futures

• Emini S&P broke support at 6775/6770 and longs stopped below 6760.
• As predicted the break lower targeted 6730/25 with a low for the day exactly here.
• Although this is not a strong support level it has held - It represents a 50% drop from strong recovery from the 21st November.
• A bounce from here is possible with short term conditions overbought & would target 6770/6780.
• There is a chance of a high for the day here but shorts need stops above 6790.
• If we break higher, look for the next target of 6825/6835.
• A break below 6720 however can target 6685/6680.

Nasdaq futures

• Emini Nasdaq broke lower towards the next downside target & strong support at 24600/550,  although we haven't quite reached it yet.
• There is a good chance of a low for the day here.
• Longs need stops below 24450.
• Targets for the bounce are 24800/850 & 25000/25050 is possible.
• A break above 25150 would then be the next buy signal
• However a break below 24450 can target an excellent buying opportunity in the 24200/24000 range.
• Longs need stops below 23900.