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Emini S&P June futures made a high for the day exactly at strong resistance at 5145/55 & obviously this level remains key to direction for this week.
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Emini Nasdaq reached 17901 & we have resistance at 18050/18150.
Emini S&P has recovered all the losses & bounced 100 points to 5134.
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I do not understand the bounce on a technical or fundamental basis, but it shows that bulls will not give up & will buy the dip.
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We should have strong resistance again at 5145/55 on Monday & shorts need stops above 5165.
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Targets: 5130, 5110, 5090
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We should have support at 5050/5040 & longs need stops below 5025.
Nasdaq June futures caught me out as we shot higher to 17717.
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I think we are probably forming a bear flag or possibly a head & shoulders & I must wait to see if the pattern develops.
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We should find strong resistance at 18050/18150 & shorts need stops above 18300.
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Targets: 17850, 17750, 17650.
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