Is the stock market at a turning point? [Video]

Emini S&P futures

Emini S&P SEPTEMBER futures tested strong support at 7490/7485 but unfortunately longs stopped below 7475 before a bounce from just below here at 7469.

The bounce has reached 7554 as I write, with minor short term trend line resistance at 7580/7590.

A break above 7600 is a buy signal targeting 7612/14 & 7636/43.

First support again at 7490/7480 but a break below 7470 risks a slide to 7425/15 for profit taking on shorts.

Emini Nasdaq futures

Emini Nasdaq SEPTEMBER break below 29130 was a short term sell signal targeting 28900/800 for some profit taking....we made a low for the day at 28910.

I hope the trade worked for you.

We have seen a good recovery & are currently trading above yesterday's high of 29558.

The level of 29575/29535 should be key to direction.

Holding above here can target 29620/650 then 29720/770.

A break above 29810 should be a buy signal targeting 29860/890 then resistance at 29900/30000 - a good chance of a high for the day if tested but shorts need stops above 30100.

Failure to hold above 29575/29535 risks a slide to minor support at 29350/270.

A break below 29210 can retest 28900/28800.

If we continue lower this time look for a retest of June lows at 28550/510.

Emini Dow Jones futures

Emini Dow Jones SEPTEMBER collapsed breaking first support at 53100/52900  to target strong support at 52550/450.

Sorry for the typo yesterday - longs needed stops below 52300....so the trade worked perfectly with a low for the day at 52343 & a recovery to 52760 as I write.

We could push higher to minor resistance at 52830/880. A high for the morning is certainly possible - maybe we will range sideways for a while.

However a break above 52950 targets 53130/170.

A move back below 52600 suggests weakness and a retest of  strong support at 52550/450.

Again, longs needed stops below 52300.

A break lower targets 52100/52000.