A new all time high four-days in a row for US stock markets
|-
Emini S&P December new all time high at 6053.
The low & high for the last session were 6013 - 6053 -
Emini Nasdaq December makes a new all time high at 21340.
Last session high & low for the last session were: 21098- 21340. -
Emini Dow Jones December hit my 44600/700 target & set a new all time high exactly here at 44625.
Last session high & low for the last session were: 44142 - 44625.
Emini S&P December futures
Emini S&P shot higher to hit the next targets of 6000/6005 & 6026/29, on the way to 6050/54.
A new all time high & a high for the day exactly at this next target.
Above 6060 look for 6090/6095 then 6135/40.
I am never going to suggest a counter trend trade & therefore a short in the Emini S&P is high risk - but we are overbought after huge gains from the Trump win.
We are hitting trend line resistance at my exact target of 6050/54, where we have a new all time high at 6053.There is a good chance we turn lower towards 5985/75.
So if you are happy with the counter trend risk, try a short at 6050/54, stop above 6060 & target 6020., perhaps as far as 5990
Support at 5975/65 & longs need stops below 5955.
First support at 6010/6000 & longs need stops below 5990.
Second support at 5970/60 & longs need stops below 5950.
Nasdaq December futures
The break above 21050 hit my next target of 21250/280 and reached 21340 yesterday.
Further gains are expected to target 21540/550 & 21700/750.
Eventually we could reach 21850/890
However, just be aware that we are becoming overbought & yesterday's Doji could suggest we will not make further gains at this stage.
There is definitely no sell signal but we could consolidate sideways to ease those overbought conditions.
On the downside I expect support at 20080/020.
Longs need stops below 20970.
Emini Dow Jones December futures
Next targets are 44600/700 (hit with a new all time high here) & 44850/900
First support at 44300/44200 but below here can target support at 44000/43900.
Longs need stops below 43800.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.