Dow Jones lower as predicted & shorts at 24780/799 already seeing a profit of up to 250 ticks
|Emini Dow Jones June contract
Emini Dow Jones lower as predicted & shorts at 24780/799 already seeing a profit of up to 250 ticks. Outlook remains negative & holding below 24660 re-targets 24610/590 then 24530/20 before strong support at 24485/475. A bounce from here is very likely on the first test at least, but a break lower eventually will be another sell signal. (A weekly close below starts next week on a sell signal).
First resistance at 24670/680 but above here 24710 could allows a retest of very strong resistance at 24780/799. Try shorts with stops above 24900. An unexpected break higher (& weekly close above for bullish confirmation) targets 24995/999 then 25050/060 & 25150/160 in to next week.
S&PJune contract
Emini S&P holding below 2700/05 at last to target 2693/91 & better support at 2681/78. This was the best chance of a low for the day & we bottomed exactly here. A break below 2675 is a sell signal (you can add to shorts if you wish) targeting 2660/57 (also the low this week) & minor support at 2652/50 before the best support today at 2648/45.
Key resistance at 2703/06. Obviously bears need the index to hold below the 2718 recovery high. An unexpected break higher is a buy signal targeting 2722/24, 2727/29, 2734 & strong resistance at 2441/44. Exit longs & try shorts with stops above 2750.
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