E-Mini S&P 500: Shorts at First Resistance at 6055/6060 Worked Perfectly

1. S&P 500 Futures March shorts at first resistance at 6055/6060 worked perfectly as we collapsed from 6067 to 5995
   The low and high for the last session were 5995 – 6067.
   (To compare the spread to the contract you trade)
2. Emini Nasdaq March made a high for the day exactly at first resistance at 21800/900 before prices collapsed to 21408
   Last session high and low for the last session were: 21408 – 21813.
3. Emini Dow Jones March made a high for the day exactly at first resistance at 43750/850 before prices collapsed again to 43420.
   Last session high and low for the last session were: 43420 – 43825.

Emini S&P March Futures

• Emini S&P recovered to the sell opportunity at 6055/6060 and shorts worked perfectly as we collapsed to 5994.
• The break below 6010 did not work the first time yesterday but we are now likely to head for the 100-day moving average at 5978/74.
• A low for the day is possible here as we become oversold but longs need stops below 5965.
• A break lower targets 5940/35 and even a test of strong support at 5920/10 is possible.
• Longs need stops below 5900.
• Again, gains are likely to be limited with first resistance at 6030/40.
  Shorts need stops above 6045. Targets: 6015, 5995.
• Strong resistance at 6055/65 and shorts need stops above 6075.
• Targets: 6040, 6020.

Nasdaq March Futures

• Emini Nasdaq we wrote: Further losses are expected targeting 21550.
  Target was hit.
• However eventually this week we could fall as far as a buying opportunity at 21200/100. Longs need stops below 20950.
• Targets:
• Gains are likely to be limited with first resistance at 21700/800 and shorts need stops above 21900.
• Targets: 21500, 21400, 21300

Emini Dow Jones March Futures

• Further losses in Emini Dow Jones are expected to the 16-month ascending trend line at 43100/43000.
• A bounce from here is possible but longs need stops below 42850.
• Gains are likely to be limited with first resistance again at 43750/850 and shorts need stops above 44000.

Source