Nasdaq: A Break Higher Is A Buy Signal


September beat strong resistance at 3985/95 to target strong resistance at 4060/80. A high for the day exactly here in fact.

September futures longs at support at 12100/12000 worked perfectly on the bounce to my target of 12400/450 for profit taking. We then hit strong resistance at 12600/700, with a high for the day exactly here.

September futures hit my next target and strong resistance at 31700/800 but we continued higher to the next target of 32200/300.

Remember when support is broken it usually acts as resistance and vice-versa.

Today’s Analysis

E-mini S&P making a break above strong resistance at 3985/95 to target strong resistance at 4060/80. Anyone make 60-70 points profit on a long? Shorts need stops above 4095. A break higher targets 4130/40 and possibly 4155/60.

Shorts at strong resistance at 4060/80 target 4035/30. If we continue lower look for strong support at 4005/3995.

Nasdaq longs at 12100/12000 worked as we hit 12400/450 for profit taking, then made a high for the day exactly at strong resistance at 12600/700. Shorts need stops above 12750. A break higher is a buy signal targeting 12850 and 13000/13100.

Shorts at strong resistance at 12600/700 target strong support at 12400/350. Longs need stops below 12300.

E-mini Dow Jones beat resistance at 31700/800 for a high for the day at the next target of 32200/300, perhaps as far as 32500/600 this week.

Holding minor resistance at 32200/300 risks a slide to 32000 and perhaps as far as 31850/750 for profit taking.



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