Stock Markets Analysis and Opinion
US Futures: Where to After Hitting New All-Time High 4-Days in a Row?
2024.11.12 03:03
Emini S&P December Futures
- shot higher to hit the next targets of 6000/6005 and 6026/29, on the way to 6050/54.
A new all-time high and a high for the day exactly at this next target.
Above 6060 look for 6090/6095 then 6135/40. - I am never going to suggest a counter-trend trade and therefore a short in the Emini S&P is high risk – but we are overbought after huge gains from the Trump win.
- We are hitting trend line resistance at my exact target of 6050/54, where we have a new all-time high at 6053. There is a good chance we turn lower towards 5985/75.
- So if you are happy with the counter-trend risk, try a short at 6050/54, stop above 6060, and target 6020., perhaps as far as 5990
- Support at 5975/65 and longs need stops below 5955.
- First support at 6010/6000 and longs need stops below 5990.
- Second support at 5970/60 and longs need stops below 5950.
Nasdaq December Futures
- The break above 21050 hit my next target of 21250/280 and reached 21340 yesterday.
- Further gains are expected to target 21540/550 and 21700/750.
- Eventually, we could reach 21850/890
- However, JUST BE AWARE THAT WE Are BECOMING OVERBOUGHT and YESTERDAY’S DOJI COULD SUGGEST WE WILL NOT MAKE FURTHER GAINS AT THIS STAGE.
- There is definitely no sell signal but we could consolidate sideways to ease those overbought conditions.
- On the downside, I expect support at 20080/020.
Longs need stops below 20970.
Emini Dow Jones December Futures
- next targets are 44600/700 (hit with a new all time high here) and 44850/900
- First support at 44300/44200 but below here can target support at 44000/43900.
- Longs need stops below 43800.
