Emini SP500: A bounce from 2565 is possible for a retest of 2630/40
|Emini SP500_Nasdaq
Emini S&P & Nasdaq JUNE Futures
Emini S&P we wrote: I think we can see one last push higher before the weekend...bulls must hold first support at 2420/10 to remain in control today & I think they can do it to target 2450/60 & 2490/2500 before retesting 2540/50. Above 2560 look for 2590/95 & 2610. Try shorts at 2630/40 with stops above 2680.
Longs at 2420/10 given a quick & easy 200 points profit yesterday as predicted on the recovery to our selling opportunity at 2630/40 & guess where we topped? – 2634.50. You're welcome. Shorts already offered another 70 points profit over night.
Nasdaq we wrote: bulls have a buying opportunity at 7350/7300 looking for a bounce to 7420/40 & 7480/7500. A break above 7550 targets 7630/50 before yesterday's high at 7740/60. This is strong resistance coupled with further strong resistance at 7810/40. I think this will mark a high for the bounce if tested. Shorts need stops above 7900.
Longs at 7350/7300 worked perfectly offering 400-450 points on the bounce to 7740/60 & strong resistance at 7810/40. Shorts here did work too as we held below 7900.
Reports will be updated around the US open if necessary.
Daily Analysis
Emini S&P we are now short at 2630/40 with another 70 points profit over night as we hit | 2 2565. A bounce from here is possible for a retest of 2630/40 (& another chance to short if you missed it the first time). Stops above 2680. An unexpected break higher targets 2695/2705, 2730/35 & 2765/75.
If you are short, stay short because eventually we should beak lower to 2550/45 & support at 2530/20. Although this could hold on the first test, outlook is negative so eventually a break lower targets 2495/90 then 2465/55.
Nasdaq holding below 7900 is negative for today targeting 7720/10, perhaps as far as 7660/40 & support at 7600/7590. A bounce from here certainly possible on the first test but with the outlook negative, a break below 7540 targets 7510/00 & 7480/60, perhaps as far as support at 7420/10.
Bulls need a break above 7930, which i think is unlikely but would be a buy signal targeting 7970/90 & 8100/20 then resistance at 8185/8200.
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Trends
Weekly outlook is negative
Daily outlook is negative
Short Term outlook is neutral
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