Shorts in the stock markets are getting squeezed again

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures

Emini S&P break above 6549 hit the targets of 6520/23, 6566/68 & 6585/6590.
A new all time high at 6600 as shorts get squeezed!
I have seen this game many times, where traders & investors try to pick the top - I used to do it a couple of decades ago and losing £10,000's taught me to be a trend follower!
I will stick with the bulls until I see a sell signal or reversal pattern.
Next targets are 6611, 6635/40 & 6660/6663.
Support at 6545/35 & longs need stops below 6530.
A weekly close below 6530 would concern me.

Nasdaq September futures

Emini Nasdaq creeps higher to retest the all time high at 24000/24068 as we consolidate for 2 months.
Holding above the 3 day high of 23900/23920 is more positive for today.
Bulls need a break above 24070 for the next buy signal of course.
While we remain trading sideways we should have support at 23700/23660 again today.
A break lower can target 23550/510.

Emini Dow Jones September futures

Emini Dow Jones beat 46630 for a chance to retest the all time high at 45800/841.
The break above the new all time high at 45841 hit the next target of 45885/46045, as we close in on 46200/210 & even 46410/430 is possible.
Support at 45850/45800. Longs need stops below 45700.

Author

Jason Sen

DayTradeIdeas.co.uk

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