Emini SP500: Bulls must hold first support at 2420 to remain in control

Jason Sen DayTradeIdeas.co.uk

Emini SP and Nasdaq JUNE Futures

Emini S&P shorts at strong resistance at 2460/70 had a second shot of profit on the dip to minor support at 2400. However on the 3rd test we broke higher for a short term buy signal targeting 2512/15 & 2540/50. We topped exactly here.

I think we can see one last push higher towards an excellent selling opportunity at 2430/40 before the weekend.

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 SP bulls must hold first support at 2420/10 to remain in control today & I think they can do it to target 2450/60 & 2490/2500 before retesting 2540/50. Above 2560 look for 2590/95 & 2610. Try shorts at 2630/40 with stops above 2680.

Below 2390 how risks a slide to 2370/60 & the last line of defence for bulls. Longs need stops below 2340. Below here puts bears back in full control targeting 2325/15, 2300, 2275/70, 2260/55 & perhaps as far as 2230.

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.

Author

Jason Sen

DayTradeIdeas.co.uk

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