S&P 500 E-Mini, Nasdaq, and Dow Hit Critical Support Amid Sell-Off

1. Emini S&P March collapsed on Thursday from strong resistance at 6010/6015
   The low and high for the last session were 5873 — 6014.
   (To compare the spread to the contract you trade)
2. Emini Nasdaq March broke 21000 for a sell signal
   Last session high and low for the last session were: 20583 — 21386.
3. Emini Dow Jones March shorts at resistance at 43750/850 worked perfectly in the collapse from 43949.
   Last session high and low for the last session were: 43345 — 43843.

Emini S&P March Futures

• Emini S&P shorts at strong resistance at 6010/6015 worked perfectly with a high for the day exactly here before the collapse to 5985
• The break below 5975 was expected and triggered losses as predicted for a retest of support at 5925/5915.
  Up to 1000 points potential profit on this trade.
• Longs however stopped below 5900.
• Again, the break below 5900 was a sell signal targeting 5865/60 for profit-taking on shorts for another profitable trade on the day.
• Emini S&P now tests very important trend line support at 5865/60.
• Longs need stops below 5850. Targets: 5905, 5915
• A break below 5850 is an important sell signal targeting 5815/10, perhaps as far as support at 5775/5765.

Nasdaq March Futures

• Emini Nasdaq could not quite make it to resistance at 21450/500 and crashed below support at 21200/100 this time for a sell signal targeting 21700 for profit taking.
• However, we fell as far as 20583.
• A buying opportunity at 20450/350 and longs need stops below 20250.
• A break lower sees 20350/450 act as resistance targeting 20050/2000 for profit-taking before the weekend.
• Longs at 20450/350 can target 20750/800 and even 20950/21000 is not out of the question. 
  

Emini Dow Jones March Futures

• Emini Dow Shorts at resistance at 43750/850 worked perfectly as we collapsed to my target and the 16-month ascending trend line at 43100/43000.
• We are only 66 ticks away as I write overnight.
• Up to 700 ticks of profit potential on this trade.
• A bounce from 43100/43000 is possible but longs need stops below 42850.
• Gains are likely to be limited with first resistance again at 43750/850 and shorts need stops above 44000.

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