Stocks are running out of momentum
|- Emini S&P SEPTEMBER hit a new all time high at 6357 but closed a little lower on the day.
Last session high & low were: 6323 - 6357. - Emini Nasdaq September reached a new all time high at 23320.
Last session high & low were: 23203- 23320. - Emini Dow Jones September gave up most of Thursday's gains.
Last session high & low for the last session were: 44423 - 44858.
Emini S&P September futures
- Emini S&P hit my next target of 6352/55 with a new all time high just 2 points above.
- The index has really only traded sideways since jumping higher on the 3rd of July despite making the odd new all time high within that time.
- There is no indication that prices are about to collapse.
- So I cannot suggest a short position but having said that, a drift lower to 6235/6215 would not surprise me in the coming days or weeks.
- Of course further gains are always possible in such a strong bull trend and we may just be stuck in the normal consolidation phase.
- On a move higher the next target is 6365/67.
- Eventually 6377/80 & even 6390 is possible.
- We closed the week below 6343/38 which is not the strongest signal but it's still not a sell signal
- Minor support today at 6335/30 but below 6325 meets a buying opportunity at 6315/10 and longs need stops below 6300.
- Nasdaq September futures
- Emini Nasdaq break higher hit my targets of 23150/155, 23220/230 and 23300/310 within new all time high almost exactly here.
- Again there is a risk that we are running out of momentum and need a correction to the downside but currently there is no sell signal.
- Holding above 23250 today & we can retarget 23300/310
- Eventually we can reach as far as 23350/370 & 23410/430 with 23500/510 certainly not out of the question.
- Look for support at 23180/160.
Emini Dow Jones September futures
- Emini Dow Jones reversed from 44858
- I am not sure about the bull flag pattern but if we do continue higher at the start of this week look for my targets of 44940 & 45040.
- Further gains retest the all time high at 45177.
- A break higher tests the trend line at 45350/400.
- We should find support at 44430/44400 & 43950/43850.
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