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.
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