Emini Dow Jones shorts at 23760/820
|Emini Dow Jones_Nasdaq
Emini Dow Jones & Nasdaq JUNE futures.
Emini Dow Jones shorts at 23760/820 unfortunately stopped just before we sold off to the first target of 23700/650. We then shot higher to 23950/24000 but not quite as far as 24150/200.
Nasdaq we wrote: holding above 8835 is positive for the start of the day with minor resistance at 8878/80. A break higher targets 8917/20. If this resistance holds, we have a potential head & shoulders top pattern. Shorts need stops above 8935. A break higher is a buy signal targeting 8990/99, perhaps as far as 9017/20.
We shot higher from 8822 through 8917/20 for a buy signal & we topped exactly at 9017/20.
Daily Analysis
Emini Dow Jones has traded sideways for a month & we have sold off to again to 23700/650 as I write. Minor support at 23590/550 but below here targets 23450 & 23350/320 before best support for today at 23220/160. Longs need stops below 23000. A break lower is a sell signal targeting 22820/770 & 22650/600. Further losses meet strong support at 22300/200 for profit taking on any remaining shorts.
Strong resistance at 23850/900. A break higher targets 23950/24000, perhaps as far as 24150/200. A break above 24300 targets 24450/500.
Nasdaq topped exactly at 9017/20 & sold off to to 8878/80. Minor resistance at 8910/20 in the short term sideways trend but above here targets 8955/65 before a retest of 9015/20. A break higher targets 9040/45 then 9110/20 before the 9140/45 recovery high.
A break below 8880/77 targets support at 8850/40. A break below 8820 risks a slide to 8800/8790 & 8770/60, perhaps as far as support at 8770/35.
Trends
Weekly outlook is negative
Daily outlook is positive
Short Term outlook is neutral
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