Emini S&P March is forming a new sideways range as we ignore the 3990/4010 area. I will have to wait a but longer to draw accurate tradeable trend lines but will do my best to identify support & resistance at this stage.
I would forget running a swing trade & try to scalp the levels I provide.
Nasdaq March we were offered 200 ticks on the short & another 200 ticks profit on the long at yesterday's support level.
Emini Dow Jones March trades in an erratic sideways channel for 3 months. Unfortunately longs at first support at 33600/500 were stopped on the slide to 33347 before we shot higher to 33850.
Daily analysis
Emini S&P March should have minor support at 4005/3995. If you try a long stop below 3985. A break lower can target 3970/60, perhaps as far as 3940/35.
Longs at 4005/3995 can target 4030, perhaps as far as 4050. A break above 4060 can target 4075 & 4095.
Nasdaq March shorts at 11950/12050 worked perfectly this week, hitting first support at 11730/680 for profit taking. A nice 200 ticks.
The long also worked perfectly with a 300 tick bounce from 11604. Did you make 400 ticks on the long & the short yesterday?
The bounce is quickly taking us back to my sell opportunity at 11950/12050 - shorts need stops above 12100. A break higher is a buy signal targeting 12460/480.
Shorts again at 11950/12050 can target 11830/820, perhaps as far as first support at 11730/680 for profit taking today. Longs need stops below 11600.
Emini Dow Jones should have support at 33500/400. Longs need stops below 33300. A break lower can target 33000.
Minor resistance at 33900/34000. A break higher can target 34180/200 before a retest ppf 34430/490.
It is becoming a scalpers market in stock indices - perhaps we will trade sideways in to the spring now.
The news has been about as bad as it could get for weeks - the Fed has been trying to take the market down, but it remains firm.
A mild recession and US rates at around 5.25% are priced in. I think we will have to wait for a change of perception before we can start a new trend for stocks.
Actually I would not be surprised to see stocks trade sideways through the summer, as long as inflation continues to ease very slowly & rates rise very slowly, then pause, all as expected.
There will be no reason for stocks to soar or collapse.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended content
Editors’ Picks
EUR/USD extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.