Stock Markets Analysis and Opinion

Dow Jones Futures Turn Lower

2022.12.05 09:11


Jason Sen

December futures hit the 8 month trend line at 4090/95, the downward sloping 11 month trend line and upward sloping 2 month trend line  at 4105/10, with a high for the day week here.

December lower on the US number to my target of 11750/700 with a low for the day exactly here.

turns lower but no important sell signal yet despite severely overbought conditions.

**Friday’s dragonfly doji in all 3 markets warns of a potential price decline. A move lower on Monday’s candle provides confirmation.**

Today’s Analysis

E-mini S&P December has rejected strong resistance at 4090/95 to 4105/10 with a weekly close below here. Obviously a break above this week will convince me to turn bullish. We then target 4170/90.

Shorts at 4090/4110 can retarget 4060/50 and first support at 4020/10. A low for the day exactly here on Friday with longs offered up to 65 points profit. A break below 4000 however is a sell signal targeting 3970/50 & strong support at 3930/10.

Nasdaq December holding below 12000 re-targets 11750/700. Further losses can target 11550/500 and even 11250.

Bulls really need a clean break above the November high at 12118 for a buy signal targeting 12250 and 12400.

E-mini Dow Jones should meet support at 33900/800 and in fact we had a low for the day just 35 ticks above here on Friday. A break below 33600 today signals further losses towards support at 33300/200.

Above 34700 can target 35000/35100.

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