Emini Dow Jones makes a new all time high

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures trade sideways for the last 3 days. The low & high for the last session were 5621 - 5708. (So you can compare the spread to the contract you trade).
Emini Nasdaq September futures dipped a little further to 20335. Last session high & low for the SEPTEMBER futures contract: 20335 - 20741.
Emini Dow Jones September futures shot higher to a new all time high at 40572

Emini SP 500 September futures

We hit the next targets of 5601/04, 5611/13 & 5617/19, 5627/31, 5646/48 & now 5672/76 & 5705/07 last week. A new all time high exactly here before prices unexpectedly collapsed to wipe out all of Wednesday's gains. We wrote: I would at least expect a sideways consolidation to develop & in the very short term dome further minor losses are possible (even likely).
Still no no sell signal so I would not be comfortable in a short but we could certainly dip as far as support at 5595/5585 at the start of the consolidation phase. Longs need stops below 5575. Targets: 5605, 5615, 5625.
However a break below 5575 risks a slide to 5560/55 & even as far as 5520/10 is possible.
A break above 5710 however can target: 5714/15, 5720/21 & 5728/30

Nasdaq September futures

Emini Nasdaq made a new all time high exactly at the next target of 20950/21000, last week, but then unexpectedly crashed below support at 20770/690.
THIS DOES LEAVE A BEARISH ENGULFING CANDLE ON THE DAILY CHART
On Friday we initially broke first support at 20430/390 but recovered from 20335.
A break below here this week targets 20250/240. This could hold the downside initially.
I would feel safer buying at 20100/20050 this week, with stops below 19970.
I would try a short at 20940/980, to see if a double top forms. Shorts need stops above 21050.
Emini Dow Jones September futures beat the all time high at 40350/360.
The weekly close above here should be an important buy signal for next week. We can target 40630/660 & 40710/750.
However failure to hold above 40300 today risks a slide to a buying opportunity at 40050/39950 & longs need stops below 39850.

Author

Jason Sen

DayTradeIdeas.co.uk

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