S&P Bear Trend Likely to Resume;DAX Break Below 14000 Is A Sell Signal

11/28/2022

1 minute read

2022.11.28 07:38

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Jason Sen

40 December up every week for 8 weeks to test strong resistance at 14500/600 with a high for the week.

December futures made a high for the week just 4 points from strong resistance at 4050/70 and shorts need stops above 4090.

We have a double top sell signal if we hold 4050/70 – I will be stunned if we beat 4090.

December tested strong resistance at 11750/850 but over ran to 11933 last week

Does the market crash from here?

Today’s Analysis

DAX December meets strong resistance at 14500/600 with a high for the week here. Shorts need stops above 14700. A break higher targets 14840 and 14940.

Shorts at 14500/600 target 14370/340. A break below here is a sell signal targeting 14250/230. If we continue lower look for support at 14150/050. Longs need stops below 14000. A break lower is a sell signal.

E-mini S&P December tests strong resistance at 4050/70 and shorts need stops above 4090. If we break higher, I will not believe my eyes – but we run in to 11 month trend line resistance at 4110/30. Surely the bear trend will resume from here?

Shorts at 4050/70 can target 4020/00 then 3970 and 3950, perhaps as far as strong support at 3925/15. Longs need stops below 3905.

Nasdaq December retests strong resistance at 11750/850. Shorts need stops above 12000. Bulls really need a clean break above the November high at 121118 for a buy signal targeting 12250 and 12400.

Shorts at strong resistance at 11750/850 can target 11680/600, perhaps as far as the recent swing low at 11550/525. I doubt this will hold the next test. A break lower targets support at 11400/350.