Emini SP500: Bull market run unlikely
|Emini SP500_Nasdaq
Emini S&P September Futures unexpectedly strong yesterday on the unemployment numbers although the levels worked. We beat 3116/18, which then worked as support, pausing at 3128/29 before we hit 3143/45 & topped exactly at 3155/57. We then collapsed to 3116/18.
Nasdaq September Futures continue higher through strong resistance at 10290/310 to targets of 10360/380 & 10430/450 (holding just 8 ticks below).
Daily Analysis
Emini S&P likely to remain in more of a sideways trend, rather than start a bull market run. First support at 3115/10 but below 3100 risks a slide to strong support at 3075/70. A break below 3060 targets 3050 & 3035/30.
Minor resistance at 3143/45 & 3155/57. A break higher targets 3165/68 then 3190/95.
Nasdaq held 10430/450 but above here targets 10490/505. On further gains look for minor resistance at 10610/630.
First support at 10320/300 & longs need stops below 10250. A break lower targets 10180/160.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
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