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WTI crude, S&P 500 and Dow Jones target levels

Jason Sen
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.
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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.
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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.
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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.

Jason Sen

Technical Analyst & Trader
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The content of this article is the personal opinion of the author and not Intertrader. You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

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