US stock markets hit major support levels on Friday

Nasdaq futures

• Emini Nasdaq tested the 100 day moving average at 24250 & the longer term Fibonacci support at 24200/24000.
• We wrote: 'This could not be more important today. In short term oversold conditions a bounce from here can target strong resistance at 24500/24600.'
• Although we did momentarily break below 23950 we recovered quickly & if you are in my telegram group I tried to keep you in the long trade, as we identified a very rare broadening bottom pattern on the H1 chart.
• The weekly close above 24200 is obviously positive.
• Although we have not fulfilled the measured target for the head & shoulders pattern, having held the important support at 24200/24000, it's possible the downside correction is over.
• Holding above 24500 is a further positive signal for Monday targeting important resistance at 24850/25000.
• There are short term moving averages here, plus it is the neck line to the head & shoulders.
• If bulls can clear 25150 there are back in full control for the rest of this week & the next target should be 25400/500.
• However a break below 24900 is a sell signal targeting 23800 & 23600/550.

Emini Dow Jones futures

• Emini Dow Jones collapsed to strong 100 day moving average & 38.2% Fibonacci support at 45900/45700.
• A low for the week exactly here & this support is important again for this week.
• We wrote: This is very important & a bounce from here in short term oversold conditions targets first resistance at 46350/450. We made it as far as 46656
• Further gains are expected this week towards 46800/850.
• A break above 46950 is the next buy signal targeting 47200/300.
• A break below 45500 is a sell signal targeting 45300 & 44950/850 for some profit taking on shorts.