New all time high for US stock markets despite higher inflation

Jason Sen DayTradeIdeas.co.uk

Emini S&P SEPTEMBER new all time high at 6506. Last session high & low were: 6453 - 6496. (To compare the spread to the contract you trade).
Emini Nasdaq September new all time high at 24068. Last session high & low were: 23793- 24007.
Emini Dow Jones jumps to 45340. Last session high & low for the last session were: 44770 - 45142.

Emini S&P September futures

Emini S&P can target 6488/90 (hit) & 6516/20.
A break above 6525 can target 6550/6555.
First support at 6465/6460 & longs need stops below 6455 (we traded down to 6453.50 but if you held on the worked perfectly).
Very strong support at 6445/6435 & longs need stops below 6425.

Nasdaq September futures

Emini Nasdaq break above 23800/23845 targets 23960/990 (hit) then 24150/200 (almost there!).
Above 24240 look for 24400.
We made a low for the day 3 ticks above an excellent buying opportunity at 23790/740 & longs need stops below 23650.
Just be aware that a weekly close below 23500 starts next week with a more negative bias & risks a slide to 23300/260.

Emini Dow Jones September futures

Emini Dow Jones we wrote: move above 44750 this week triggers a retest of 44900/950 as predicted & even the all time high at 44230/45312 is possible.
Targets hit!
However bulls need a break above the longer term trend line at 45400/45450 for a new buy signal next week.
Failure to beat 45400/45450 risks a slide to 45070 & 44800/750.

Author

Jason Sen

DayTradeIdeas.co.uk

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