Emini SP 500_Nasdaq

Emini S&P & Nasdaq JUNE Futures

Emini S&P we wrote: holding above 2290 targets 2310/20 & perhaps as far as 2350/70. Yesterday we topped half way to 2400 & gains are likely to be limited but above 2410 meets strong resistance at 2460/70. Try shorts with stops above 2500.

We shot higher to all targets as far as our selling opportunity at 2460/70 & guess what the high for the day was?

Nasdaq rocketed to our selling opportunity at 7360/80 with shorts stopped above 7430 to target 7500/20 & just 16 points from the next target of 7650/80.

Reports will be updated around the US open if necessary.

 

Daily Analysis

Emini S&P shorts at strong resistance at 2460/70 worked perfectly as we dip to minor support at 2400. Below 2385 look for support at 2360/50. Below 2340 risks a slide to 2325/20 & support at 2295/85. Below 2370 look for 2245/40.

Shorts at strong resistance at 2460/70 stop above 2500. A break higher is a short term buy signal targeting 2512/15 & 2540/50. Above 2560 look for 2590/95 & 2610. Try shorts at 2640/50 with stops above 2680.

Nasdaq I still think we will trade in a (very wide) range to ease oversold conditions as we hold last week's high at 7640/50. Perhaps the short squeeze was a little over done yesterday as we retreat to good support at 7405/7395. Further losses target 7340/30 then a buying opportunity at 7270/50, with stops below 7200. A break lower targets 7160/30.

Holding good support at 7405/7395 targets quite strong resistance at 7550/70. A break above 7600 opens the door to a retest of recent swing highs & strong resistance at at 7630/50. Shorts need stops above 7690. Look for a selling opportunity at 7815/35, with stops above 7900.

 

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.

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