Emini SP500: Minor support at 3254

Emini SP500_Nasdaq

Emini S&P September Futures reached 3252/54 & 3261/63 but stopped justshort of 3277/80 & collapsed to minor support at 3243/40. We are reacting toseverely overbought conditions but we have no sell signal. My best guess iswe will trade in a more sideways direction in the days head to ease theseconditions.

Nasdaq September Futures DOUBLE TOP SELL SIGNAL.

Daily Analysis

Emini S&P may be wise to scalp minor levels in what I think will be a sidewaystrend in to the end of the week. We can look for 10 point turns, risking 5 pointson our stop loss. Minor support at 3254/53 then 3242/41. However if wecontinue lower look for 3232/31 then the best buying opportunity of the day at3224/21. Stop below 3215. An unexpected break lower targets 3209/08 then an
excellent buying opportunity at 3196/92.

Holding 3254/53 targets 3264/66 before the 3272/73 high. A break higheralways possible in the bull trend for 3277/80 & 3295/98. A break above 3300targets 3310/12.

Nasdaq did test strong resistance at the new all time high of 11040/060 aspredicted & topped exactly here leaving a DOUBLE TOP SELL SIGNAL. There issignificant risk to the downside now. If you are not short & cannot give you a100% reliable sell level (other then 11000/11050) but it would be worth enteringshorts with stops above 11100 & running them for a while. Yesterday’s initialbounce held 10930/940 so let’s assume this is first resistance. Holding heretargets 10830/820 & 10790/780 with minor support at 10720/710. So a breakbelow 10660 is the next sell signal targeting 10550/530 & support at10450/400. There is a good chance of a bounce from here on the first test, butbrave longs need stops below 10350.

If you want to try shorts, the best 2 levels are 10930/940 & 11000/11050. A breakabove 11100 has to be taken as a buy signal.

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