S&P 500 Futures Forecast: Break Below 3890 targets 3825
2023.01.20 13:47
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March shorts at the selling area of 4000/4020 hit all my targets as far as 3900/3890 (with a low for the day, just a point above here yesterday). Hopefully, you bagged 100 points this week.
March, we wrote: the break lower can target 11470/430 and then support at 11340/300.
Spot on, as we made a low for the day at 11308 – it could not be more accurate.
March shorts activated on my sell signal made 1000 ticks profit this week.
Today’s Analysis
Emini S&P March shorts at 4000/4020 worked on the expected collapse to my 3900/3890 target. We should have resumed the bear trend to sell a bounce to resistance at 3930/35…perhaps as far as 3950/55. Shorts need stops above 3960.
A break below 3890 is a sell signal targeting 3825/15.
As I suspected, Nasdaq March collapsed from 11650/700 to hit support at 11340/300 with a high for the day. Longs are too risky now. A break below 11250 is the next sell signal targeting 11150/100, perhaps as far as 10980/950.
We should have resistance at 11530/560 & 11650/700.
Emini Dow Jones shorts at 34000/34200 worked perfectly as we hit all targets as far as 33100/33000 with a low for the day exactly here.
An easy 1000 ticks profit this week.
A break below 33000 is a sell signal targeting 32750/700.
Gains will likely be limited, so we sell into resistance at 33450/550. Stop above 33650.
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