Forex Trading, News, Systems and More

Stock market outlook remains positive despite severely overbought conditions

Emini S&P March beat the all time at 6111 to hit my next targets of 6130 & 6160/6164, with a new all time high exactly here.
The low & high for the last session were 6122 – 6162.

Emini Nasdaq March has formed 2 inside days as we hold within Wednesday’s range.
Last session high & low for the last session were: 21844 – 22078.

Emini Dow Jones March making a good recovery beating resistance at 43650/750.
Last session high & low for the last session were: 44523 – 44773.

Emini S&P March futures

  • Emini S&P shot higher to beat the all time at 6111 & hit the next targets of 6130 & 6160/6164 as predicted.

  • If you bought around 6111 with stop below 6100 the longs worked.

  • We wrote: We should struggle here in overbought conditions but I think shorts are too risky, with no sell signal.

  • Great call with a new all time high exactly here!!

  • Just be aware that further gains this week can target 6194/98.

  • Despite overbought conditions I think the downside is likely to be limited with support at 6115/6110 & longs need stops below 6100.

  • Further losses meet support at 3080/70 & longs need stops below 6060.

Nasdaq March futures

  • Emini Nasdaq beat resistance at 21400/500 to hit the next target of 21800/820 & retest the January high at 21880/21900.

  • We made it as far as 22000 before a retest of the all time high at 22152.

  • Obviously a break above here this week is a buy signal, targeting 22200/220 & 22400/440.

  • A low for the day exactly at first support at 21900/850 on Friday although we ran out of time before much of a profit was offered.

  • Longs need stops below 21820 this week.

  • But the better support should be at 21780/720 & longs need stops below 21670.

  • Targets: 21850, 21950, 22050.

Chart

Emini Dow Jones March futures

  • We continue higher to my next targets of 44510/540 & 44750/790 as expected with a high for the day exactly here in fact on Thursday.

  • Further gains look likely this week despite severely overbought conditions & a break above 44820 can target 44960/990 before a retest of the all time high at 45171.

  • Of course a break above here this week is a buy signal.

  • First support at 44450/44350 & longs need stops below 44300.

Chart