December trading levels for major indices
The stock index futures roll from September to December expiry today (20 September). Let’s take a look at some of the major indices.
The DAX 30 December contract is trading about 15 ticks below the September contract. If the DAX holds above minor support at 12385/395 it re-targets 12445/50 before the high last week at 12475/480.
Strong resistance at 12525/545 is now key. Short positions need stops above 12600. It is only above the 2019 high of 12650 that bulls are back in full control.
There is minor support at 12385/395 but below here we meet good support at 12290/280. A break lower this time targets 12230/225.
Euro Stoxx 50 December trades about 16/18 ticks below September. The December contract re-tested and held last week’s high at 3539/40 but a move above here eventually targets strong resistance at 3555/60, in severely overbought conditions. A break higher is a strong buy signal initially targeting 3575.
Holding 3539/41 risks a slide to minor support at 3522/19. Below 3215 look for good support at 3490/86.
FTSE 100 December trades about 36/39 ticks below September. We have minor resistance at 7312/15, stronger resistance at 7340/45. A move above 7350 targets 7365/70 and 7380/90. Above 7400 targets 7410, 7420, 7435 and 7455/60.
Holding below 7310 re-tests strong support at 7260/55. A break below 7245 targets 7215/10. Below 7200 risks a slide as far as 7175 and 7140.
E-mini S&P 500 re-tests the high last week at 3021/24. December trades 2/4 points above September. We have minor support at 3005/3003 but a move below 2999 targets minor support at 2994/92 and 2983/81. There is a buying opportunity at 2975/73, with stops below 2968.
Holding minor support at 3005/3003 targets 3009/3011 and the small double-top high at 3021/24. A break higher re-tests the all-time high at 3029 (or 3032 on the December contract). A break higher tests important 29-month trendline resistance at 3041/44. Bulls need a sustained break above 3050 for the next buy signal.
Nasdaq 100 December trades about 20 ticks above September. There is minor resistance at 7945/47 before last week’s high at 8000/03. A break higher targets 8014 and 8030/32 before the all-time high of 8051/52 (or 8071 on the December contract).
We have first support at 7910/00 but a move below 7890 targets second support at 7860/55. A break below 7840 risks a slide to 7815/10 before a buying opportunity at 7775/65.
E-mini Dow Jones December trades only about 10/15 ticks below the September contract. A move above first resistance at 27120/130 targets 27180/190 then last week’s high at 27300/312 before the all-time high of 27396. Bulls clearly require a sustained move above 27400 to trigger more stops and signal a new leg higher.
There is minor support at 27030/000. A break below 26980 risks a re-test of 26920/900 before a buying opportunity at 26830/800. Place stops below 26750. Further losses target 26650/630.
Technical Analyst & Trader
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