Emini S&P 500 & Nasdaq September Contract

Intermediate

Emini S&P topped exactly at key trend line resistance at 3030/3040 making a new all time high on Friday. Obviously this is the

most important level of the week. A sustained break higher is a buy signal despite overbought conditions, for 3046/48, 3056/60

& 3070/74.

Failure to beat 3030/3040 triggers profit taking to 3019/17 (& we bottomed almost exactly here on Monday), minor support at

3011/09 & perhaps as far as strong support at 3001/2999. Try longs with stops below 2994. A break lower is a sell signal.

Nasdaq holding first support at 8003/8000 targets 8018/20, 8026/28 & 8033/35 before the new all time high at 8051.75. A break

higher targets 8081/85 & 8105/10. Above 8120 look for 8170/80.

A break below 7990 however risks a slide 7980 then 7950/45 before better support at 7925/15. Try longs with stops below 7900.

A break lower is a sell signal targeting 7870/65 & 7835/30, perhaps as far as last week’s low at 7815.

Jason Sen

Editor

Jason Sen began his trading career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successful...continued

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