Emini SP500: Downside is expected to be limited after the bullish breakout with support at 3424

Jason Sen DayTradeIdeas.co.uk

Emini SP 500_Nasdaq

Emini S&P September Futures straight through 3388/98 for buy signal with all targets hit as we reach 3448.

Nasdaq we wrote: bulls remain in full control as we look for 11590/600, 11660/690 & perhaps as far as 11750/770.

We topped exactly here this time.

Daily Analysis

Emini S&P new all time high at the next target of 3449/50 & of course we topped exactly here. Further gains always possible in this crazy relentless bull trend targeting 3462/64 & 3480, perhaps as far as 3495/99.

Downside is expected to be limited after the bullish breakout with support at 3424/20. We bottomed exactly here yesterday with longs offered an easy 25 point profit on the bounce. Longs need stops below 3410 today. Obviously we have strong support at 3398/95. Longs need stops below 3390.

Nasdaq bounces back above 11590/600 to hit 11660/690 and our next target of 11750/770. We topped exactly here as I write but further gains always possible, likely in fact, despite severely overbought conditions as we look for 11820/30 & 11900/920.

Downside is expected to be limited in the strong bull trend but below 116990 risks a slide to 11640 with strong support at 11580/540. Longs need stops below 11490. Further losses meets support at 11420/400. Longs need stops below 11350.

Trends
Weekly Outlook	Positive
Daily Outlook	Positive
Short Term Outlook	Positive

Chart

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 eases toward 1.3500 on geopolitical tensions, hawkish Fed bets

GBP/USD trades with mild losses below 1.3550 in the European session. The US Dollar recovers some ground amid ongoing Middle East tensions and hawkish expectations around the Fed's interest rate outlook, weighing on the pair ahead of US data releases.

EUR/USD struggles near 1.1600, awaits Eurozone HICP for impetus

EUR/USD struggles to capitalize on the overnight bounce and drifts near 1.1600 in European trading hours on Tuesday. The pair remains under pressure amid a modest US Dollar rebound. Traders now look to the preliminary reading of the Eurozone Harmonized Index of Consumer Prices (HICP) for fresh trading impetus.

Gold: Defending $4,400 is critical for buyers

Gold fades Monday’s rebound from eight-day lows, reverting toward $4,400 early Tuesday. US Dollar bounces sharply amid US-Iran tensions-led risk aversion and hawkish Fed bets. Gold attacks 21-day SMA near $4,400 after defending it on Monday; RSI still bullish.

Ripple, Cardano, and Dogecoin show weakness – Crucial EMAs in focus

Ripple, Cardano, and Dogecoin remain weak after double-digit losses last week, testing their crucial Exponential Moving Averages for immediate support. The technical outlook warns of further weakness in the prices of XRP, ADA, and DOGE as bullish momentum eases.

Fed Chair Warsh runs open-mouth operations at Jackson Hole but can he deliver?

Federal Reserve Chairman Kevin Warsh moved markets on Friday with his Jackson Hole speech, even though the central bank has yet to do anything to move inflation. Clearly, Warsh wants to convey a message. He’s tough on inflation, and the Fed will “deliver price stability.”

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.