Emini SP 500 _ Nasdaq June contract
Emini S&P beat resistance at 2923/25 to hit the next target of 2935/37 before the all time high at 2943/45. Obviously this is the most important level of the day. A break higher starts the next leg higher in the 11 year bull trend targeting 2945/47, 2953/55 & 2962/64.
There is always double top risk as we approach an all time high but we would need to see a sell signal to confirm. For today, failure to beat 2943/45 risks a slide to 2935/33 then support at 2924/22. Longs need stops below 2918.
Nasdaq through 7772/75 to hit 7843. Outlook remains positive despite overbought conditions as we look for 7870/75 & 7895/99. Above look for 7923/26 & 7936/39.
Downside is expected to be limited in the bull trend but below 7830 risks a slide to 7800/95. Further losses meets support at 7770/60.
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