S&P 500: Longs need stops below 4300

Jason Sen DayTradeIdeas.co.uk

Emini SP 500, Nasdaq, Emini Dow Jones Emini

S&P September struggles at the only resistance of any importance for this week despite a new all time high at 4353.

Nasdaq September higher as predicted to the next target of 14850 with a new all time high at 14883.

Emini Dow Jones September longs at best support at 34320/280 worked perfectly yet again yesterday on the bounce to our targets of 34430/460 & 34550/570.

Daily analysis

Emini S&P 4340/45 is the only resistance of any importance for this week. A break above 4350 therefore should be a buy signal targeting 4365/70 & eventually resistance at 4400/05.

No sell signal despite severely oversold conditions so we must assume the downside will be limited in the strong bull trend. First support at 4336/33. Below 4328 risks a slide to 4311/07. Longs need stops below 4300.

Nasdaq higher to 14850 but we expect strong resistance at 14940/990.

The downside should be limited in the strong bull trend. First support at 14725/705. Second support at 14600/580.

Emini Dow Jones September longs at best support at 34320/280 worked perfectly on the bounce to 34430/460 & 34550/570. . Further gains in the bull trend retest of September contract high at 34755. A break higher can target the all time high at 35000.

Downside is likely to be limited with best support at 34320/260 but longs need stops below 34200. A break lower can target support at 34100/34000.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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