Emini S&P JUNE could be finding a low for the correction - at this stage at least. It should be worth trying longs on a retest of 3830/00. Longs need a wide stops below 3750, but the risk could be worth it because the first target for the bounce is 3920/40 then first resistance at 4000/4020, giving us up to 1:4 risk vs reward. Strong resistance at 4030/50 but shorts need stops above 4080. A break higher is a decent buy signal initially targeting 4110/30 then 4210/30.

A break below 3750 signals another potential 200 point drop.

Nasdaq JUNE held the next downside target of 11500 & closed above the previous May low of 11689/704. This could signal a more sideways direction for this week to ease oversold conditions but it is no buy signal. Gains could be seen as far as first resistance at 12180/280 but a high for the day is possible. Above 12350 however opens the door to 12500 & strong resistance at 12700/800. Shorts need stops above 12950.

A break below 11500 however targets 11300 & 11000, probably as far as a buying opportunity at 10800/600. Longs need stops below 10400.

Emini Dow Jones JUNE managed a strong bounce from my 30550/500 target. I would not rule out a recovery for this index too this week. Holding above 31150/30950 allows a recovery to 31500/550, perhaps as far as resistance at 31700/800. Watch for a high for the day. Shorts need stops above 31950.

A break below 30900 risks a retest of support at 30600/500. There is further trend line support at 30400/300. A break below 30000 this week is a sell signal with another 500 to 1000 tick loss possible.

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.

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