Emini Dow Jones and Nasdaq JUNE futures
Emini Dow Jones shorts at our selling opportunity at 20700/800 were offered a decent profit on the slide to minor support at 20300/250 but we bottomed exactly here.
If you then bought the break above 21000 on the buy signal we hit all targets as far as 21900/22000 for a potential 900 ticks extra profit.
Nasdaq shorts at strong resistance at 7630/50 worked perfectly offering a potential 200 points profit on the slide to good support at 7405/7390.
However we then beat broke strong resistance at at 7630/50 to hit 7758.
Daily Analysis
Emini Dow Jones reversed from the 21900/22000 target. Holding below 21000 today risks a slide to 20800/750, 20600/550 & a buying opportunity at 20450/350. Bulls must hold here to remains in short term control. I think they can do it for one last push higher in to tomorrow for a selling opportunity before the weekend. Stop below 20200 for 20000 then 19900/800 & 19600/500.
On a break above 2000 try shorts at 22400/500 with stops above 22700. Just be aware that a break higher could take as far as an excellent selling opportunity at 23600/800.
Nasdaq bulls have a buying opportunity at 7350/7300 looking for a bounce to 7420/40 & 7480/7500. A break above 7550 targets 7630/50 before yesterday's high at 7740/60. This is strong resistance coupled with further strong resistance at 7810/40. I think this will mark a high for the bounce if tested. Shorts need stops above 7900.
A buying opportunity at 7350/7300 with stops below 7200. A break lower puts bears back in full control targeting 7160/40 & minor support at 7070/50. On further losses look for 6950/30 & 6890/70.
Trends
Weekly outlook is negative.
Daily outlook is negative.
Short Term outlook is neutral.
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
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold drops below $2,320 as US yields shoot higher
Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.