Stocks Analysis by Jason Sen covering: S&P 500 Futures, Nasdaq 100 Futures. Read Jason Sen's latest article on Investing.com
After a strong start to the week, Emini futures faced sharp declines across the board, wiping out Monday's gains and sending a cautionary signal to traders.
Looking ahead, more downside could be on the horizon, with a potential buying opportunity around 5810/5790. For long positions, stops should be placed below 5780. Upside targets include 5830, 5850, and possibly 5870. For those looking to go long, stops should be set below 20200. A break lower could take the market down to 19950/850, a more attractive buying level, with stops recommended below 19700.The Dow Jones December contract hit a new all-time high of 43445, but a sudden reversal left a bearish engulfing candle on the daily chart. The pullback has brought the market to test support at 43000/42900.
In summary, while the bullish trend remains intact for Emini futures, the recent pullbacks provide key buying opportunities for those looking to take advantage of market dips. Keep an eye on these levels and manage risk accordingly as the market looks to consolidate its recent gains.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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