People are expecting a stock market crash [Video]

Emini S&P futures

Emini S&P SEPTEMBER futures broke below 7380 but did not reach my target & support at 7345/35 (Yet).

As we are still seeing buyers on dips, we may make a low of the day here.

Longs need stops below 7325.

A break lower is a sell signal targeting 7290/7285.

Unfortunately my resistance was too tight as we beat both 7390/7395 & also 7420/7430.

We made a high for the day at the next target of 7460/7470.

First resistance at 7465/75 today & shorts need stops above 7685.

A break higher is a buy signal targeting 7500/7505 then 7530/40.

We should struggle to beat this level but I think shorts are too risky.

If we continue higher look for 7580/7590.

Emini Nasdaq futures

Emini Nasdaq SEPTEMBER hit my target & buying opportunity at 29260/210.

This was the best chance of a low for the week & we saw  a bounce from 29160, allowing the long positions to be held for the bounce to targets of 29430/460 & resistance at 29560/590.

However shorts here were stopped before we reversed.

The price actions suggest we are in a sideways consolidation and we will continue to reverse quickly.

Again, a buying opportunity at 29260/210 & longs need stops below 29100.

If we do break lower there is a risk of a retest of the June low for the September contract at 28590/510.

A break below here could slide as far as a buying opportunity at 28200/28050.

Longs need stops below 27900.

Longs at 29260/210 can target 29430/460 & 29560/590.

A break higher targets resistance at 29835/865.

Shorts need stops above 29990. A break higher is a buy signal targeting 30250/290, perhaps as far as 30550/590.