Stock market trading conditions have changed – Is a crash coming?

Emini S&P futures

• Emini S&P June futures I still think there is a good chance that we are about to establish a short term sideways trading range after such significant gains recently...A consolidation is normal, to ease overbought conditions.
• But there is definitely no sell signal so I do not recommend gambling on a downturn at this stage.
• We tested better support at the previous all time high at 7540/7535.
• Longs needed stops below 7530.....but unfortunately we ran as far as 7525 before the strong recovery.
• I am sticking with support at 7540/35 today but longs need stops below 7525!!
• We do have Fibonacci support at 7517/12....longs need stops below 7500.
• Just be aware that a break below here risks a slide to 7445/7440.
• If we happen to recover & break the all time high at 7632, look for 7640/50, perhaps as far as 7670/7675.

Nasdaq futures

• Emini Nasdaq June futures probably starting to form a sideways range to consolidate recent significant gains, as I warned.
• We broke short term support at 30310/270 to target 30150/130, perhaps as far as support at 30000/29950 & longs need stops below 29850.
• Just be aware that a break lower targets 29700/650.

Emini Dow Jones futures

• Emini Dow Jones June longs at support at 50920/50855  worked perfectly as we held above 50720.
• We shot higher to a new all time high at 51752.
• Next target is 51860/890.
• On a break above 5200 look for 52500/600.
• First support at 51480/400 & longs need stops below 51250.