WTI crude, S&P 500 and Dow Jones target levels
WTI crude is testing a buying opportunity at 5520/10 with stops below 5470. This trade worked perfectly with a low at 5481 but no recovery as we topped exactly at the first target of 5555. I am looking (hoping) for a break higher today to resistance at 5600/5610.
Watch for a high for the day but short positions are too risky. A break above 5650 would signal further gains towards 5710/20.
A break below 5470 is a sell signal targeting 5435/30 and 5400/5390. On further losses look for a buying opportunity at 5330/20 with stops below 5290.
E-mini S&P rockets to 2589.50, just below the 2592/2594.50 all-time high. A move above 2595/97 targets 2603.
Failure to beat 2592/2594.50 targets 2580 before support at 2576/74 which could hold the downside.
Long positions need stops below 2569. A break lower targets 2565/64 but look for an excellent buying opportunity at 2555/53, with stops below 2548. An unexpected break lower, however, would target strong trendline support at 2542/40. There’s a good chance of a bounce from here, perhaps a low for the correction (which would be about 2%).
The E-mini Dow Jones outlook remains positive as we hold above 23390/400 to target 23390/99 before the all-time high at 23552/557. Obviously a weekly close above here tonight is an added bullish signal for the start of next week, targeting 23700/710.
The first support at 23365/355 should hold the downside. However, long positions need stops below 23300. Further losses would re-test our buying opportunity at 23230/210. Long traders here would need stops below 23170.
Technical Analyst & Trader
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