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.

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