Today’s US Index futures technical analysis & trade ideas.
Emini S&P March futures hit my next targets of 5000/02, 5010/12, 5022/25 & 5055/60 as we make a new all time high at 5066. Yesterday I warned that we are severely overbought after a 4 month rally of 140 points or 3.3% & well overdue for a consolidation, perhaps even a small correction (for a buying opportunity).
The CPI number triggered a correction breaking support at 4985/80 but we held 6 points above the next target & good support at 4930/25. Longs, if we get a chance here today, need stops below 4920.
Minor resistance at 4980/85 if you are feeling brave & want to try a high risk short position. Shorts need stops above 4990.
Just be aware that a weekly close on Friday below 4936 would leave a bearish engulfing candle on the weekly chart & could trigger further losses in to next week.
Nasdaq March has hit my 2 targets of 17950/990 & 18110/120 with a new all time high exactly here. Again there was a risk of consolidation to ease severely overbought conditions & we broke minor support at 17800/750 to make a low for the day exactly at strong support at 17575/535. Again, longs need stops below 17470 today.
A break lower risks a slide to a buying opportunity at 17220/180. Longs need stops below 17120.
Just be aware that a break above 18130 can target 18300/330.
Emini Dow Jones March made a new all time high at 39012 then crashed almost 1000 ticks breaking both my support levels at 38590/570 & 38350/320. The Emini Dow Jones is certainly the weakest of the 3 indices at this stage.
The best support for today is at 38050/37950. Longs need stops below 37850. A break lower is a sell signal targeting 37690/650 & perhaps as far as a buying opportunity at 37450/350. Longs need stops below 37250.
Above here we look for 39160/220. A break above 39270 targets 39450/500.It’s not the smartest traders who succeed, nor those who work the longest hours. It’s traders who learn how to control their emotions Learn my trading psychology secrets to gain emotional stability in my FREE 5 day challenge!
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