-
Emini S&P 500 June longs at first support at4460/50 worked perfectly on the run from 4445 up towards strong resistance at 4530/40.
-
Nasdaq June beat resistance at 14400/500 for a buy signal targeting 14650/680 (a high for the day exactly here yesterday) then 14820/870 Only 40 ticks away as I write over night).
-
Emini Dow Jones June reversed 58 ticks from strong resistance at 34850/950 to see a low for the day at strong support at 34250/150. If you managed to enter a long here, we shot higher to target 34400/450 before a test of this week's high at 34750/800 (hopefully today for profit taking).
Daily analysis
Emini S&P 500 June longs at first support at 4460/50 hit the first target of 4490/4500 & retest this week's high at 4514. Expect strong resistance at 4530/40. Shorts need stops above 4555. A break higher retests the February high at 4575/78.
First support again at 4460/50. Longs need stops below 4430. A break lower targets 4405 & 4395, perhaps as far as strong support at 4370/60. Longs need stops below 4350.
Nasdaq June beat resistance at 14400/500 for a buy signal targeting 14650/680 & now 14820/870. If we continue higher expect strong resistance at 15100/15200. Shorts need stops above 15300.
Minor support at 14450/400. Better support at 14300/250. Longs need stops below 14200. Next target & strong support at 14050/14000. Longs need stops below 13900.
Emini Dow Jones June rockets from strong support at 34250/150 target 34400/450 before a test of this week's high at 34750/800. Strong resistance at 34850/950. Shorts need stops above 35150.
Strong support again at 34250/150 but below here can target 34050 then a buying opportunity at 33900/800 - longs need stops below 33700.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended content
Editors’ Picks
AUD/USD jumps above 0.6500 after hot Australian CPI data
AUD/USD extended gains and recaptured 0.6500 in Asian trading, following the release of hotter-than-expected Australian inflation data. The Australian CPI rose 1% in QoQ in Q1 against 0.8% forecast, providing extra legs to the Australian Dollar upside.
USD/JPY hangs near 34-year high at 154.88 as intervention risks loom
USD/JPY is sitting at a multi-decade high of 154.88 reached on Tuesday. Traders refrain from placing fresh bets on the pair as Japan's FX intervention risks loom. Broad US Dollar weakness also caps the upside in the major. US Durable Goods data are next on tap.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Fed might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.