Emini Nasdaq edging very slowly towards resistance at 18,050/18,150
|30 April
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Emini S&P June futures made a high for the day exactly at strong resistance at 5145/55 for the second day & obviously, this level remains key to direction for this week.
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The series of 4 Dojis on the daily chart suggest the market may be running out of steam.
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Emini Nasdaq edging very slowly towards resistance at 18050/18150.
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Emini S&P has recovered all the losses & bounced 100 points to 5134.
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A high for the day exactly at strong resistance at 5145/55 on Monday & shorts need stops above 5165.
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Targets: 5130, 5110, 5090. A move as far as 5050 is not out of the question.
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A break higher however is a buy signal targeting 5175, 5190 & even 5220 is possible.
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We should have support at 5050/5040 & longs need stops below 5025.
Nasdaq June futures caught me out as we shot higher to 17,717
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I think we are probably forming a bear flag or possibly a head & shoulders & I must wait to see if the pattern develops.
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We should find strong resistance at 18050/18150 & shorts need stops above 18250.
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Targets: 17850, 17750, 17650
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A break above 18250 however is a buy signal targeting 18350, 18450 & 18550 is even possible.
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