The NQ has reached critical support at 4330, which bulls are attempting to defend for a swing move back to 4508.75. Failure to hold this level opens the door to a return to 3998.50. The ES may be developing a new key range from 2008.75 to 2103.75, which implies a potential bounce to 2056.25 soon, unless it fails to close above 2021.50.
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From Aug 6, 2015: “Look for bears to defend a retest of 4608.75 for a move into 4532 and 4496.50.” NQ bears defended two intraday tests of our 4608.75 sell level, which ultimately sparked a sell-off into 4532 and 4500. Look for bulls to defend 4496.50 for a return to 4600-30. Failure to hold above 4496.50 opens up a move into 4467.50 and 4420.
The NQ rallied through the previous week’s high price of 4608.75, but eventually sold off to close back below this level, suggesting failed range expansion may have occurred. Look for bears to defend a retest of 4608.75 for a move into 4532 and 4496.50.
From July 09, 2015: “Bears continue to have the upper hand and are currently offering the previous week’s close of 1163.50 for a shot at breaking support through 1145, with targets at 1131.40 and 1119.50.” Gold finally reached our downside targets in one fell swoop, and bottomed out at the 1080 level. The recent impulse move from 1205.70 to 1080 could be the beginning development of a new key range. Bulls want to defend a pullback to 1186.50 for a shot at returning price to between 1142.80 to 1145.
