Short-term trading levels for index futures ahead of US-China trade discussions
I recently wrote about potential topping patterns in US stock markets. Since then we have only seen small declines with markets seeing good recoveries after sell-offs. Over the past week or two we have mainly seen stock markets trading in a sideways direction but the longer-term outlook remains quite negative.
Here are the short-term trading levels for scalpers, while we wait for a breakout of the early October ranges.
For the E-mini S&P 500, the key resistance is at 2954/58. Try short positions with stops above 2968. A break higher is a short-term buy signal targeting 2975, 2982, 2986 and 2992/94.
There is minor support at 2942/40 but a move below targets 2935/32 and support at 2928/24. Long positions need stops below 2917 for 2907/05 and perhaps as far as support at 2900/2898. Below 2896 risks a slide to 2888/86 and minor support at 2880/78. If we continue lower look for 2875/73 before a buying opportunity at 2860/50, with stops below 2840.
The first resistance for the Nasdaq 100 is at 7790/7800, but a move above 7820 targets 7840/42 and perhaps as far as 7870/73. Above here look for 7900/05.
Failure to beat 7790/7800 targets 7760 and first support at 7730/20. Long positons need stops below 7700 for 7675/65 and 7640/35. Look for second support at 7595/85.
For the E-mini Dow Jones, the key resistance is at 26630/670. Short positions need stops above 26700 to target 26770/790, perhaps as far as 26830/840. If we continue higher look for 26920/940 and 27030/040.
There is minor support at 26525/505, then strong support at 26365/345. Below 26300 look for 26220/200 and 26080/030.
DAX 30 bulls need to clear 12220 for a buy signal targeting 12260/270 and 12320/330, perhaps as far as 12380/390. A break above 12400 targets 12430/440 and 12480/490.
Failure to beat strong resistance at 12180/200 targets 12145/135 and first support at 12110/100. On a break lower look for 12070/060 and 12020/000. There is minor support at 11965/955 but a move below 11930 risks 11880/870 then good support at 11810/800, and good support again at 11750/11730.
Technical Analyst & Trader
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