Stock markets bounce from buy levels
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Emini S&P March futures recover as expected in the longer term bull trend.
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Emini Nasdaq longs at my buy level of 18000/17900 worked perfectly hitting all targets of 18100, 18160 & 18230, with a high for the day almost exactly here.
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Emini Dow Jones March futures made a low for the day exactly at support at 38550/500 before a bounce to my upper target of 39000 for an easy 450-500 tick profit.
Emini S&P: bulls remain in control, with buying the dips still the winning strategy, despite the late sell off on Friday.
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Beat 5155 for yesterday's buy signal targeting 5175 before a retest of 5190/95, which could be seen today.
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A break above 5195 this week can target 5210, perhaps as far as 5224/26.
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Minor support at 5145/35 but longs need stops below 5125.
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Support at 5090/80.
Nasdaq March futures made a low for the day exactly at good support at 18000/17900. Targets for the bounce are 18100, 18160 & perhaps as far as 18230.
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Likely to continue higher in the bull trend. Today's targets are 18260 & 18350/370.
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Bulls need a break above the all time high of 18436 for the next buy signal.
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We should have good support again at 18000/17900, stop below 17800.
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On a break below 17800 however this could turn the outlook more negative for me & we would of course expect to see 17900/18000 then act as resistance.
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If you reverse in to a short on a break lower look for targets of 17600 & 17400.
Emini Dow Jones March made a high for the day exactly at strong resistance at 38950/39000, again on Friday.
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We made a low for the day on Monday exactly at support at 38550/500. Longs here worked perfectly on the bounce to 39000 for profit taking. If we continue higher look for 39150 before a retest of the all time high at 39290-39343.
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We have been in a sideways consolidation for a month & a half.
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Support again at 38550/500 but longs need stops below 38400. Targets for the bounce are 38900 & 39000 for profit taking.
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If we continue higher look for 39150.
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A break below 38200 however targets 38200/100.
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