E-mini S&P March we wrote: beats resistance at 3875/85. The break above 3900 is a buy signal targeting 3910/12 and 3925/30. Further gains retest the all time high at 3954/58.
Longs did well yesterday as we hit all targets as far as 3954/58. We topped exactly here.
THIS CREATES DOUBLE TOP SELL SIGNAL RISK. BULLS THEREFORE REQUIRE A NEW ALL TIME HIGH TODAY And WEEKLY CLOSE ABOVE 3960.
NASDAQ March only reached 13119 despite trying to break higher. We must watch the 50 day moving average at 13150 today.
TODAY’S ANALYSIS.
E-mini S&P holding the all time high at 3954/58 leaves a double top sell signal in place. First target is 3917/07. A break below 3900 targets 3887/82, perhaps as far as support at 3870/60. Just be aware that a weekly close below here would be a sell signal for the start of next week.
A weekly close above 3960 is obviously required to keep bulls in full control, initially targeting 3975/80 & 3995/99.
NASDAQ holding 50 day moving average resistance at 13150/200 risks a slide to 12950/900, perhaps as far as support at 12830/770. A break below 12730 targets 12650/600.
Shorts at first resistance at 13150/200 need stops above 13250. A break higher is a buy signal targeting 13350/400 & 13500/550.
TRENDS
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Positive
CHART
Emini S&P Chart