Standard & Poor’s Emini Futures
Emini S&P overcame resistance at 6690/6700 which was key to the trend.
Yesterday we made the lowest level for the day exactly at the support level 6685/75.
The long trades worked perfectly and the break above 6715 was another buy signal – we hit my target of 6770/6780.
A break above the 6800 level is considered a new buy signal targeting the 6830 and 6850 levels.
Strong support is at 6750/6740 and long trades need stops below 6730.
Nasdaq futures
We benefited from the Emini Nasdaq recovering from the buying opportunity at 24200/24000.
We are testing resistance at 25130/25230 today.
Sell trades need stops above 25330.
A break up is a good buy signal targeting initially 25450/500 and then 25800/25850.
Failure to overcome resistance at 25130/25230 targets 24900/800.
There could be a drop in the morning session here.
However, if we continue lower, look for a buying opportunity at 24550/24450, and long trades need stops below 24300.
Emini Dow Jones Futures
Emini Dow Jones recovered nicely from the buying opportunity at the 100-day moving average and 38.2% Fibonacci support at 45900/45700.
Today’s low yesterday at support at 46350/450 and rising to my next target at 46800/850.
A break above 46950 is the next buy signal targeting 47200/300, which has been reached overnight as I write.
Minor resistance at 47400/47500 – I think short trades are risky but a break above 47550 is a buy signal targeting 47900/47950.
