Stock markets are holding up

Emini S&P futures

Emini S&P March futures hit the downside target & strong support at 6,750/6,730.

We wrote: This is key to direction for this week & if tested, longs need stops below 6,710.

Longs here worked perfectly & we shot higher from 6,718 to 6,849, holding resistance at 6,850/6,870.

Watch these 2 levels again today.

A break below 6,710 can target 6,650/6,640.

A break above resistance at 6,850/6,870 targets 6,900/6,915, perhaps as far as 6,930/6,935.

Throughout February we held inside of January & December’s range of 6,720 to 7043

Until we breakout of this range it is increasingly tough to find opportunities.

Bulls need prices above 6,930/6,940 for a chance to retest last week’s high at 6,975/83.

Nasdaq futures

Emini Nasdaq March futures broke support at 24,600/24,500 this time but recovered quickly before reaching support at 24,200/24,000.

Longs need stops below 23,850 if tested today.

There seems to be some resistance at 24,780/24,850.

A break higher can target resistance at 24,900/25,000.

Bulls need a break above 25,100 for a more positive outlook this week, initially targeting 25,350/25,450.