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

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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