Emini Dow Jones could drift sideways with first support at 21405/400

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 21 June 2017

Emini Dow Jones September Contract

Emini Dow Jones could drift sideways with first support at 21405/400 then better support at 21355/345. Bulls are clearly in control & could step in here today. Longs need stops below 21300 for a move towards 21260/250.

Holding first support at 21405/400 targets minor resistance at 21440 before the all time high at 21494. If we continue higher look for 21610/620 in to the end of the week.

S&P September Contract

Emini S&P new all time high followed by a much lower close in overbought conditions is not very positive. Picking a top in this market is obviously bloody stupid but you have to wonder when at least a small correction is coming. We would need to build a topping pattern for anything more significant on the downside. (The start of a more prolonged bear trend). Holding below support at 2435 is more negative targeting the best support for today at 2429/26. If this holds bears obviously remain in full control. However on further losses we retest the low last week at 2419/18 & 2 week low at 2415. Bear in mind a weekly close on Friday below 2418 gives us a weekly reversal sell signal. Only minor - but still a short term sell signal. Below 2415 today targets short term Fibonacci support at 2411/10.

Bulls need prices above 2440 today to retest the 2450/51.50 high. Bear in mind very strong resistance at 2457/59 & again at 4.5 year trend line resistance at 2475/80.

I cannot help thinking we are near a top as we hold just below these important levels.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.