S&P June contract
Emini S&P broke 2660/57 as predicted & also good support at 2648/45. (Remember I wrote: HOWEVER longs are risky. I am very bearish!). Guess where we bottomed? Exactly at the most important support of the week at 2616/11. Once this is broken & expect it will be eventually, we have the start of a major correction & possibly a bear market. A break lower today targets 2597/95, 2586, 2575/73, 2570, 2560 & 2554/52.
We bottomed exactly at the most important support of the week at 2616/11 for a bounce to first resistance at 2638/40. Gains are likely to be limited but above here 2644 targets resistance at 2653/55. Unlikely but a break above 2660 could target 2667/68.
Emini Dow Jones June contract
Emini Dow Jones broke 24270/260 as expected for another sell signal targeting 24120/115 & 24070/060 before good support at 23920/900. However even this failed & we hit 23786. It has been a perfect week as we caught the exact high for the bounce last week & look set to test mega important 200 day moving average support at 23640/630. This caught the dip 3 weeks ago but is less likely to do so this time. A break below 23600 is a very important longer term sell signal. Initially we target 23370/350, 23310/300 & the February low at 23100/088.
Gains are likely to be limited with first resistance at 24030/040 tested as I write. Further gains target 24090/099 then a selling opportunity at 24180/190. Stop above 24300. Try shorts again at 24430/450, with stops above 24510.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US FBI has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.