S&P 500: Longs need stops below 4160

Jason Sen DayTradeIdeas.co.uk

Emini S&P 500, Nasdaq, Emini Dow Jones

Emini S&P JUNE consolidates in the bull trend in severely overbought conditions. We do have double top risk at the all-time high of 4233/38. A break above 4243 is a buy signal.

Same levels apply for today.

Nasdaq JUNE holding first support at 13650/625 yesterday to keep the outlook positive with a break above last week’s high at 13773/783 targeting 13818 (hit) &13950/970 today.

Emini Dow Jones dips to the first support at 34550/500.

Daily analysis

Emini S&P seeing a recovery towards more important resistance at the all-time high at 4233/38, despite severely overbought conditions. A break higher targets 4260/65.

First support at 4200/4190. A break lower to retests good support at 4170/65. Longsneed stops below 4160. A break lower is a sell signal targeting 4140/35, perhaps as far as 4120/10.

Nasdaq beat last week’s high at 13773/783 targeting 13818 (hit) & 13950/970 before retest of the all-time high 14045/065.

Best support at 13680/630. Longs need stops below 13590. A break lower retestsshort term moving average support at 13480/460 with best support at 13380/350 this week. Longs need stops below 13300.

Emini Dow Jones tests first support at 34550/500. Longs need stops below 34450.Next target & support at 34310/280.

Holding first support at 34550/500 targets 34800 before a retest of the all-time high at 34900/35000.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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