S&P 500: Buy signal initially targeting 4295/99
|Emini SP 500, Nasdaq, Emini Dow Jones
Emini S&P September longs at best support at 4215/05 worked as we bounce back to4264. Bear in mind that a weekly close above 4268 leaves a bullish engulfing candle on the weekly chart which would start next week with a buy signal.
Nasdaq September we wrote: the recovery from just above support at 13940/900beats the all-time high at 14218 reaching 14300. Further gains are likely towards the next target of 14450/500.
We held just 28 ticks from this week’s target.
Emini Dow Jones September beat all the resistance levels in a 950 tick recovery to form a bullish engulfing candle on the daily chart. The break above key resistance at34000/34050 is another buy signal as we hit the next target of 34180/230.
Daily analysis
Emini S&P bounce from best support at 4215/05 worked on the bounce to the all-time high for the September contract at 4264/67. A break above here is an obvious buy signal initially targeting 4295/99.
Minor support at 4230/25. Best support again at 4215/05. Longs need stops below4200. A break lower targets 4180/75. A break below 4165 risks a retest of this week & strong support at 4135/25.
Nasdaq almost at the next target of 14450/500 as predicted. This is the main challenge for bulls today but obviously, shorts are very high risk in the bull trend despite severely overbought conditions. Bulls need a weekly close above 14550 for abuy signal at the start of next week.
There is a bearish engulfing candle on the 60 min chart which may trigger aconsolidation but I would not take this as a sell signal. Therefore the downside should be limited. First support at 14300/270, better support at 14200/180. Longs need stops below 14140.
Emini Dow Jones September through key resistance at 34000/34050 to the next target of 34180/230 as we look for 34320/340 than 34500.
I assume the downside will be limited after this week’s bullish engulfing candle. Minor support at 34050/34000. Strong support at 33850/800.
Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.