S&P 500 E-Mini Holds Support, Dow Forms Head and Shoulders Pattern: What’s Next?
2023.09.14 05:26
December futures are holding both support at 4500/4490 and strong resistance at 4550/60 so far this week as we form a downward-sloping channel. Shorts need stops above 4570.
Shorts at 4550/60 can retarget at 4500/90. If we continue lower this week, however, look for 4465/60 and 4450.
December contract is trading about 50 points above September.
Emini S&P 4-Hr Chart
December futures are stuck in the middle of a 2-month triangle consolidation pattern from support at 15360/330 up to resistance at 15730/770. Trade the range and wait for a breakout.
December is trading about 195 points above September.
Nasdaq 4-Hr Chart
December: I am watching for the formation of a head and shoulders pattern with a neckline at 34550/500.
Upper trend line resistance at 35120/160. Shorts need stops above 35250. A break higher should be a buy signal targeting 35320 and 35410.
December is trading about 330 points above September.
Emini Dow Jones 4-Hr Chart
