E-Mini S&P 500: A Break Higher Targets 4685/90

• December rocketed again to my promoting alternative at 4660/65. Shorts right here labored completely with a excessive for the day simply 4 factors above and an in a single day collapse to 4582 as I write.

  Outlook stays adverse after final week’s bearish engulfing candle.

• December unexpectedly shot increased to robust resistance at 16400/450. Shorts right here labored completely with a excessive for the day right here as we unload in direction of 16200.

• December shot increased in direction of robust resistance at 35300/350, however we solely attain 35234. Outlook stays adverse.

As we speak’s Evaluation

E-mini S&P holding under 4600/4395 in what seems like a creating bear pattern retains the stress on to check very robust help at 4560/50 and in addition the measured goal for the finished head & shoulders promote sign. Due to this fact, it is price making an attempt longs with stops under 4540. A break decrease, nonetheless, is a promote sign concentrating on 4505/00.

First resistance at 4625/30, however above 4635 can retest our promoting alternative at 4660/65. Attempt shorts with stops above 4670. A break increased targets 4685/90.

NASDAQ December minor help is at 16200/150, however the outlook is extra adverse after the weekly bearish engulfing candle. A retest of final week’s low at 16000/15988 is probably going. A break under right here is a crucial promote sign, anticipated to focus on help at 15880/830. That is prone to maintain the primary take a look at though longs might be dangerous. A break decrease sees 15830/880 act as resistance to focus on 15700 and 15600/550.

Sturdy resistance at 16400/450. Cease above 16470. A break increased is a purchase sign concentrating on 16550/580.

E-mini Dow Jones December broke help at 34800/750 this morning so holding under right here targets 34550 and the measured goal for the pinnacle & shoulders at 34450/350 (hit this morning precisely as I write) and so far as the 200 day shifting common at 34250/200. Longs look dangerous. Finally we may attain robust help at 33700/650. Longs want stops under 33500.

Good points are prone to be restricted with first resistance at 34750/800 however above 34850 opens the door to 35000/100, maybe so far as robust resistance at 35300/350. Attempt shorts with stops above 35450.

Dow Jones Chart