Emini S&P June futures target at 6,885/6,890
|Emini S&P futures
Emini S&P June futures finally reached my ultimate target for last week at 6,885/6,890, after the buy
signals were triggered.
In fact we made a high for the day and for the week exactly here, so it could not have been more accurate.
I did explain that the 6,880/6,900 was resistance and in overbought conditions, just before the weekend,
traders & investors may decide to take some profits.
So it was no surprise to see prices reverse back to 6,847.
As peace talks breakdown over the weekend I assume we will see a sell off on Sunday night.
First target could be 6,820/10 then 6,790/6,780 before some support at 6,770/6,760.
A bounce from here is possible, but I guess that depends on war developments and Trump’s messages.
A break below 6,755 risks a slide to 6,730 and maybe 6,710.
If we continue lower look for strong support at 6,700/6,680.
If you feel brave enough to try a long position, stop below 6,660.
Nasdaq futures
Emini Nasdaq June futures edged a little higher to 25,393 in a very quiet session.
A sell off target 25,220/200 then 25,100/25,000.
On a break below 25,920 look for some support at 24,850/24,800. This may hold initially (depending on
developments in the war) and a bounce to 25,000/25,050 is not out of the question.
However a break below 25,750 signals further losses towards 24,680/650 then support at 24,520/24,440.
A low for the day is possible but longs need stops below 24,350.
Emini Dow Jones futures
Emini Dow Jones June hit my target of 48,400/500 after the buy signals last week and made a high for the
day and for the week almost exactly here.
We also made a low for the day exactly at first support at 48,100/48,000, so I am certainly happy with how
the levels worked again last week.
A break below 48,000 seems likely on the open and should target support at 47,800/47,700.
Whether this is strong enough to trigger a bounce from here depends on how the war escalates over night I
guess.
A break below 47,650 risks a slide to 47,500/460 then support at 47,250/47,150.
If the situation is not too serious, a low for the day is possible here but longs need stops below 47,000.
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