US Futures: Where to After Hitting New All-Time High 4-Days in a Row?

Pelican Press · November 12

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Emini S&P December Futures

shot higher to hit the next targets of 6000/6005 and 6026/29, on the way to 6050/54.
A new all-time high and a high for the day exactly at this next target.
Above 6060 look for 6090/6095 then 6135/40.
I am never going to suggest a counter-trend trade and therefore a short in the Emini S&P is high risk – but we are overbought after huge gains from the Trump win.
We are hitting trend line resistance at my exact target of 6050/54, where we have a new all-time high at 6053. There is a good chance we turn lower towards 5985/75.
So if you are happy with the counter-trend risk, try a short at 6050/54, stop above 6060, and target 6020., perhaps as far as 5990
Support at 5975/65 and longs need stops below 5955.
First support at 6010/6000 and longs need stops below 5990.
Second support at 5970/60 and longs need stops below 5950.

Nasdaq December Futures

The break above 21050 hit my next target of 21250/280 and reached 21340 yesterday.
Further gains are expected to target 21540/550 and 21700/750.
Eventually, we could reach 21850/890
However, JUST BE AWARE THAT WE Are BECOMING OVERBOUGHT and YESTERDAY’S DOJI COULD SUGGEST WE WILL NOT MAKE FURTHER GAINS AT THIS STAGE.
There is definitely no sell signal but we could consolidate sideways to ease those overbought conditions.
On the downside, I expect support at 20080/020.
Longs need stops below 20970.

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#Futures #Hitting #AllTime #High #4Days #Row

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