Nasdaq double top finally sees accelerated moves to the downside

Jason Sen DayTradeIdeas.co.uk

Emini S&P 500, Nasdaq, Emini Dow Jones

Emini S&P JUNE trading sideways to ease overbought conditions but no sell signal. We topped exactly at first resistance at 4175/85.

Nasdaq JUNE double top kicks as we start to build a negative trend – yesterday we topped exactly at first resistance at 13620/650.

Emini Dow Jones bottomed exactly at best support at 33660/610. Longs worked perfectly on the recovery to the all-time high at 34140/144 & yesterday we continued higher to top exactly at the next target of 34220/240.

Daily analysis

Emini S&P topped exactly at first resistance at 4175/85. Holding here retests support at 4135/30. Longs need stops below 4120. A break lower to targets 4095/90. Longs need stops below 4080.

First resistance again at 4175/85. Minor resistance at the new all-time high of 4209/11. If we continue higher look for 4220/22 & 4231/33.

Nasdaq double top finally sees accelerated moves to the downside. Key support at 13350/330 today. Further losses test the 100-day moving average at 13235/215. A break below can further accelerate moves to the downside initially targeting 13140/130 & 12970/930.

Gains are likely to be limited in the developing bear trend. First resistance at 13530/560 with second resistance at 13620/650. Strong resistance at 13810/860. Shorts need stops above 13900.

Emini Dow Jones topped exactly at the next target of 34220/240. A break higher targets 34330/350.

First support at 33980/930. A break below 33870 however risks a slide to 33800/750.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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