S&P 500: Best buying opportunity is at 4615/05

  • Emini S&P December unfortunately missed the buying opportunity at 4615/05 by 10 points.

  • Nasdaq December longs at the buying opportunity at 15970/920 starting to work.

  • Emini Dow Jones December seeing a drift lower breaking first support at 36100/35950 with best support at 35700/650 if we continue lower.

Daily analysis

Emini S&P first support at 4650/40 but the best buying opportunity is at 4615/05. Longs need stops below 4595. A break lower is a sell signal targeting 4575 then a buying opportunity at 4550/40 with stops below 4530.

Holding above 4650 targets 4670/75. Above 4680 targets 4695 with the only resistance at 4710/15. You would have to brave or crazy to sell short in this endless bull market! A break above 4720 targets 4735/40 then 4760.

Nasdaq December longs at my buying opportunity at 15970/920 initially target 16110/130 (guess what, this was yesterday’s high), perhaps as far as 16255/275 today. A high for the day is possible but shorts are too risky. If we continue higher look for 16380/390 before the all time high at 16430/448.

Longs at 15970/920 need stops below 15890. A break lower is a sell signal targeting 15780 then a buying opportunity at 15680/640 with stops below 15590.

Chart

Emini Dow Jones December reversed from resistance at 36410/440 as expected & now could test best support at 35700/650. Longs need stops below 35550.

Longs at support at 35700/650 target 35850 & 35990. We then look for 36100/35950 & 36300/330 before resistance at 36410/440. If we continue higher look for 36490/500 & 36750/800.