Nasdaq topped exactly at strong resistance at 7695/7705 in severely overbought conditions

Jason Sen DayTradeIdeas.co.uk

Emini SP 500 _ Nasdaq June contract

Emini S&P rising 2 month trend line resistance at 2918/20 is key to direction. Shorts need stops above 2925. A break higher targets 2935/37 before the all time high at 2943/45.
First support at 2910/09, better support at 2906/04. Below 2901 risks a slide to 2897/95. A break lower targets 2885 before last week's low at 2879/77.

Nasdaq topped exactly at strong resistance at 7695/7705 in severely overbought conditions. However there is no sell signal so shorts are risky in the bull trend. Above tests the all time high at 7726/29. Obviously this is mega important. A double top here would be a serious sell signal. If you want to try a short, stop above 7740.
Failure to beat 7695/7705 targets 7688/86 then trend line support at 7668/66. A break lower test support at 7657/54. Longs need stops below 7649.

Author

Jason Sen

DayTradeIdeas.co.uk

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