The post Nasdaq March futures reached 18,026, just shy of the all time high appeared on BitcoinEthereumNews.com.

Emini S&P March futures reversed from 5059, just 7 points from the all time high at 5066, set on Monday last week. Obviously a break above here is a buy signal & initially targets 5090/94. However we do have a potential double top pattern after the rejection on Friday. It’s only small & would require a break below last week’s low at 4936 for confirmation of a short term sell signal but if you are looking for an excuse to short the index this is the best one for a while. Shorts need stops above 5070, so the downside risk is small & if we do break below 4935 we can target 4850/40 so there is a profit taking 3:1 risk vs reward. In the short term, for scalpers we have some support at 4985/75 (with a low for the day at 4968 yesterday) but a break below 4965 today risks a slide to 4930/25, perhaps as far as 4900/4895. Nasdaq March futures reached 18026, just shy of the all time high at 18100/120.A break above 18130 can target 18300/330. However, Friday’s bearish engulfing candle on the daily chart, just below the all time high is a warning for bulls. Friday’s peak was not close enough to Monday’s all time high to call it a double top but the price action suggests a period of consolidation, if not a short term (minor) correction to the downside. We broke good support at 17700/650 but must hold below below 17500 if we are to see further losses targeting 17460/420, (which held the downside yesterday) perhaps as far as a buying opportunity at 17230/180. Longs here need stops below 17100. Emini Dow Jones March futures beat resistance at 38600/650 to hit my next target of  38880/900 with a high for the day exactly…

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Filed under: News - @ February 21, 2024 10:22 am