Emini Dow Jones key to direction is very strong resistance at 24780/799

Jason Sen DayTradeIdeas.co.uk

S&P June contract

Emini S&P will need to dip back below 2700/05 (unfortunately we bottomed exactly here yesterday) to target 2693/91 & better support at 2681/78. This is the best chance of a low for the day but longs should be risky. A break below 2670 is a sell signal targeting 2660/57 & minor support at 2652/50.

A break higher is a buy signal targeting 2722/24, 2727/29, 2734 & strong resistance at 2441/44. Exit longs & try shorts with stops above 2750.

Emini Dow JonesJune contract

Emini Dow Jones key to direction is very strong resistance at 24780/799. Try shorts with stops above 24900. An unexpected break higher targets 24995/999 then 25050/060 & 25150/160.

I DO THINK WE SHOULD turn lower today to retest 24680. Below 24660 is more negative, so this is helpful. Watch support at 24610/590. A break below here is a sell signal targeting 2430/20 & strong support at 24485/475. A bounce from here is very likely on the first test at least, but a break lower eventually will be another sell signal.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP rally loses steam despite steady ETF inflows

Bitcoin is back below $80,000 at the time of writing on Friday, after a second attempt at breaking resistance between $81,000 and $82,000. Meanwhile, Ethereum and Ripple mirror Bitcoin’s cooling trend, with ETH sliding to $2,500 and XRP falling toward $1.40 support.

Week ahead – RBNZ and BoC decide on rates ahead of all-important US NFP

Dollar rebounds ahead of ISM PMI and NFP data. RBNZ is expected to raise rates; focus to fall on forward guidance. BoC is set to remain on hold; will it raise rates in 2027?

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.