Emini Dow Jones broke 24270/260
|S&P June contract
Emini S&P broke 2660/57 as predicted & also good support at 2648/45. (Remember I wrote: HOWEVER longs are risky. I am very bearish!). Guess where we bottomed? Exactly at the most important support of the week at 2616/11. Once this is broken & expect it will be eventually, we have the start of a major correction & possibly a bear market. A break lower today targets 2597/95, 2586, 2575/73, 2570, 2560 & 2554/52.
We bottomed exactly at the most important support of the week at 2616/11 for a bounce to first resistance at 2638/40. Gains are likely to be limited but above here 2644 targets resistance at 2653/55. Unlikely but a break above 2660 could target 2667/68.
Emini Dow Jones June contract
Emini Dow Jones broke 24270/260 as expected for another sell signal targeting 24120/115 & 24070/060 before good support at 23920/900. However even this failed & we hit 23786. It has been a perfect week as we caught the exact high for the bounce last week & look set to test mega important 200 day moving average support at 23640/630. This caught the dip 3 weeks ago but is less likely to do so this time. A break below 23600 is a very important longer term sell signal. Initially we target 23370/350, 23310/300 & the February low at 23100/088.
Gains are likely to be limited with first resistance at 24030/040 tested as I write. Further gains target 24090/099 then a selling opportunity at 24180/190. Stop above 24300. Try shorts again at 24430/450, with stops above 24510.
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