Emini Dow Jones And Nasdaq Forecast - Feb 25, 2020
Emini Dow Jones crashed through good support at 28400/28375 to target minor support at 28240/220 and better support at 28060/040 but this did not hold for long and we bottomed just 36 ticks from the next target of 27900/880
NASDAQ broke 9125 to target 9075/65 but unexpectedly bounced halfway to the next target of 9025/15.
Emini Dow Jones bounces from the lower target of 27900/880 back to the first resistance at 28220/240. Shorts need stops above 28300. A break higher targets minor resistance at 28380/390 then strong resistance at 28450/470. Shorts need stops above 28530 for 28630/650.
Shorts at first resistance at 28220/240 target minor support at 28030/000. Below 27950 risks a retest of 27880/845. A break below 27800 meets a buying opportunity at 27700/660, with stops below 27550. A break lower targets 27400/390 then 27320/300.
Nasdaq has bounced to the first 23.6% Fibonacci resistance at 9210/14. Shorts need stops above 9230. A break higher targets 9251/53, perhaps as far as strong resistance at 9277/83.
If we continue higher look for 9300/03 then a selling opportunity at 9315/19. Stop above 9335. A break higher retests yesterday’s high and resistance at 9365/75.
Shorts at 9210/14 target 9160/55 and 9135/25. On further losses look for 9105/00. Expect support at yesterday’s lows of 9070/40. A break lower targets 9025/20 and below 9000 look for support at 8975/65. A break below 8945 signals further losses to 8920/10 then a buying opportunity at 8840/30.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is negative