Emini S&P June we got a second chance to sell into shorts at strong resistance at 4200/4210 which are working after yesterday volatile FOMC session.
Nasdaq June could not hold a break above the April high so we have a potential double top sell signal.
We have traded lower but we are still messing about in a sideways range.
Emini Dow Jones June testing last week’s low at 33347 so holding below here today should add pressure to the downside.
Daily analysis
Emini S&P June shorts at strong resistance at again at 4200/4210 hit my 4130/20 target. A good start to the week. The chart indicates to me that the next big move is likely to be to the downside…as long as we do not remain in this irritating, volatile sideways trend.
The sell levels again is 4200/4210 of course on any bounce, although this time we may not make it that far as I believe pressure is building to the downside – of course we have the FOMC & nonfarm payroll out this week, which will determine market direction.
A break below 4100 today can target last week’s low at 4069 (4075 the overnight low as I write). Further losses today target 4045/35. A break below 4025 is the next sell signal.
We could have minor resistance at 4140/50 on a bounce today but a break above 4165 could retest 4200/4210 for a sell opportunity.
Nasdaq June shot holds the April high so we have a potential double top sell signal as I stated yesterday. If you did try a short, targets of 13220/200 & 13140/120 have been hit. Further losses can target 13000/12950. I would not try a long here myself.
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