US markets are stuck in consolidation channels

Emini S&P March futures

• Emini S&P remains in an erratic & random sideways consolidation with no pattern or trend to guide us.

• We are stuck in a 1 week range of just 36 points from 5987 up to 6123

• We can only try to scalp short term levels for a quick turn.

• Minor support again at 6030/20 & longs can target 6060/6070.

• Try this trade again today, but longs need stops below 6010.

• A break below 6010 meets support at 5990/5980 & longs need stops below 5970.
  Targets: 6000 & 6010

• A break below 5970 risks a slide to 5940/35 for profit taking on any shorts

• Minor resistance at 6110/20.

• A break above the 1 week high of 6123 can retest the all time high at 6156/62.

Nasdaq March futures

• Emini Nasdaq reversed from just below resistance at 21900/970

• Again, we remain in an erratic & random sideways consolidation with no pattern or trend to guide us.

• In the sideways consolidation we could slide again towards 21550, perhaps as far as 21340/21280.

• If we continue lower look for a retest of support at 21050/20950.

• Longs need stops below 20850.

• Resistance at 21900/970 & bulls need a break above the all time high at 22152 for a new buy signal this week.

Emini Dow Jones March futures

• Bulls need a break above the all time high at 45227 for a buy signal.

• Until then risks are to the downside.

• A low for the day yesterday exactly at support at 44500/400 & if tested again longs need stops below 44350.

• Targets: 44650, perhaps as far as 44750.

• A break lower see 44400/44500 act as resistance targeting support at 44100/43950.

• Longs need stops below 43850.