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US stock markets are tired & may correct now.
From:
Jason Sen --  Day Trading  Expert Jason Sen -- Day Trading Expert
For Immediate Release:
Dateline: London,
Friday, March 15, 2024

 

US stock markets are tired & may correct now.

1. Emini S&P March futures feel like they are running out of steam. There is a higher concentration of red candles over the past 2 weeks after an incredible bull run & it could be time for a sideways consolidation or even a small correction to the downside.
However we have no sell signal so shorts are far too risky in this strong bull trend without a clear signal (which we do not have at this stage).

2. Emini Nasdaq in a sideways consolidation for almost a month as we dip back to support at 18000/17900. Worth trying a long again to scalp the sideways pattern.

3. Emini Dow Jones March futures stuck in a sideways consolidation for a month & a half.

Emini S&P: bulls remain in control, with buying the dips still the winning strategy, despite the market looking tired.

  • Yesterday we did retest the all time high as predicted 5190/95, but made a high for the day leaving a very small potential dd pattern.
  • A break above 5200 however targets 5210, then 5224/26.
  • Minor support at 5145/35 oversold being tested but longs need stops below 5125, which we just held on to yesterday).
  • Further losses today meet support at 5090/80, where a low for the day is more likely but longs need stops below 5065.
    A break lower see 5080/90 act as resistance & holding below here should then see prices headed towards the next target on the downside of 5040.

Nasdaq March futures retests good support at 18000/17900. Targets for the bounce are 18100, 18160 & perhaps as far as 18230.

  • Longs need stops below 17800.
  • Bulls need a break above the all time high of 18436 for the next buy signal.
  • On a break below 17800 however this could turn the outlook more negative for me & we would of course expect to see 17900/18000 then act as resistance.
  • If you reverse in to a short on a break lower look for targets of 17600 & 17400.

Emini Dow Jones March.
We have been in a sideways consolidation for a month & a half. We hit the next target of 39150 but failed before a retest of the all time high at 39290-39343. Price action is random & erratic in this sideways consolidation phase.

I actually cannot pin point levels where I would risk a trade so I will wait for clarity but a break below 38500 risks a slide to 38100/38000.

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    With almost 40 years experience, Jason Sen began trading his own account on the floor of the London International Financial Futures Exchange at the age of 19, in 1987. He spent 15 years specialising in market making interest rate and index options on floor then moved on to trading forex on screen at the turn of the millennium. He is also recognised as a skilled technical analyst developing this expertise for the last 20 years.

    His extensive trading experience from the LIFFE trading floor to screen trading and deep understanding of technical analysis give him a thorough understanding of the financial markets and the factors that drive them.

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