S&P 500: A break above 4175 keeps bulls in control
|Emini SP 500, Nasdaq, Emini Dow Jones
Emini S&P JUNE tests very strong resistance at 4155/60 this week.
Nasdaq JUNE struggles at strong resistance at the big 14000 number as expected.
Emini Dow Jones hits next target & strong resistance at 33860/920. Bulls now need a break above 34000 for the next buy signal in to next week.
Daily analysis
Emini S&P strong resistance at 4155/60 this week. A break above 4175, therefore, keeps bulls in control, initially targeting 4195/4200.
Of course, we are severely overbought & this trend line is strong. Shorts in such a bull trend are never a smart idea but I do believe there is a good chance of some profit-taking to 4149/46 & 4125/20. Below 4110 risks a slide to strong support at 4090/85.
Nasdaq meets strong resistance at the big 14000 number this week & we topped a fraction above at 14029/034 this week. Obviously a sustained break above 14050 opens the door to further significant gains, initially targeting 14170/200.
As I write this morning we are testing strong support at 13900/850 & again at13780/740. Longs need stops below 13700.
Emini Dow Jones's downside is expected to be limited with minor support at 33700/650 then strong support at 33400/350. Best support at 33100/33000. Longs need stops below 32900.
A break above 34000 targets 34200/240 than 34600/650.
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