S&P 500: Longs need stops below 4610 [Video]

  • Emini S&P December  retests first support at 4665/55 which has held each time it has been tested over the past 4 days.

  • Nasdaq December dips to strong support at 16120/09 & is holding. Longs need stops below 16060. A break lower is a sell signal.

  • Emini Dow Jones December reached targets 36000 & 36100 but then collapsed to first support at 35800/700. This level is revised to 35700/600 this morning.

Daily analysis

Emini S&P longs at first support at 4665/55 target 4690, perhaps as far as 4710/15, hit this morning. We continue higher looking for 4725/29 before a retest of the all time high at 4740. Obviously a break above here is likely to start the next leg higher in the bull trend.

First support again at 4665/55. Longs need stops below 4645. Further losses meet strong support at 4630/20. Longs need stops below 4610.

Nasdaq December holding strong support at 16120/090 but longs need stops below 16060. A break lower is a sell signal targeting 16000 & strong support at 15900/850. Longs need stops below 15800.

Longs at 16120/090 target 16200/230. If we continue higher look for 16300, 16350 & perhaps as far as resistance again at the 2 week highs of 16430/455. Shorts need stops above 16480. A break higher targets 16500/510 then 16600/620 before a retest of the all time high at 16767.

Emini Dow Jones December first support at 35700/600. Longs need stops below 35500. Next target & minor support at 35300/200. Longs need stops below 35100.

Longs at first support at 35700/600 target 35900/36000 then 36100/120. If we continue higher look for 36250 before a retest of the all time high at 36466.

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