Nasdaq Bulls Need a Clean Break Above November High
2022.12.02 07:39
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.
A high for the day here although not much of a sell off yet despite overbought conditions. It is make or break day for stock markets with the release of the US number.
December consolidates after Wednesday’s strong gains but unable to make a break above the November high.
turns lower but no important sell signal yet despite severely overbought conditions.
Remember when support is broken it usually acts as resistance and vice-versa.
Today’s Analysis
E-mini S&P December has rejected strong resistance at 4090/95 to 4105/10. Only a weekly close above here will convince me to turn bullish. We then target 4170/90.
Shorts at 4090/4110 can target 4060/50, perhaps as far as first support at 4020/10. A break below 4000 can target 3970/50, perhaps as far as strong support at 3930/10.
Nasdaq December bulls really need a clean break above the November high at 12118 for a buy signal targeting 12250 and 12400.
If we turn lower on the US nonfarm payroll number look for 12000/11900 then 11750/700. Further losses can target 11550/500.
E-mini Dow Jones should meet support at 33900/800. A break below 33600 signals further losses towards support at 33300/200.
Above 34700 can target 35000/35100.
