Emini Dow Jones_Nasdaq
Emini Dow Jones & Nasdaq December futures.
Emini Dow Jones we wrote: has weak sell signals with a dragonfly doji on the severely overbought weekly chart & negatively diverging stochastic on the daily chart.
We traded lower to 27985/975 then 27878.
Nasdaq we wrote: severely overbought in the short term & although there is no sell signal and shorts in a bull trend are a very bad idea, I cannot help thinking are could head lower this week. Minor support at 8383/80 then strong support at 8360/55 could hold the downside today.
We headed lower as predicted to bottom almost exactly at 8360/55.
Daily Analysis
Emini Dow Jones first support at 27880/860. A break below 27820 targets 27770/750. On further losses look for a buying opportunity at 27610/590, with stops below 27550.
Holding first support at 27880/860 targets 27930/940. A break above 27960 targets 28000/020 & 28040/050. A break above 28055 allows a further recovery to 28130/140 before a retest of the all time high of 28190/197. Obviously a break above 28200 acts as a buy | 2 signal.
Nasdaq held strong support at 8360/55 as predicted yesterday. A break below 8345 today however targets a buying opportunity at 8325/20, with stops below 8305. Next downside target is then 8245/40. Try longs with stops below 8230.
Minor resistance at 8380/83 before a retest of yesterday's high at 8422/27 & the all time high of 8454/58. A break higher targets 8485/90.
Trends
Weekly outlook is positive
Daily outlook is positive
Short Term outlook is positive
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