Stock markets correct to the downside over night

Emini S&P futures

• Emini S&P June futures beat resistance at 6,595/6,605 with shorts stopped above 6,620.
• The break above 6,620 was a buy signal targeting resistance at 6,635/6,655.
• I warned: ''There is a good chance of a high for the day but shorts need stops above 6,680. Targets: 6,610, 6,585.''
• Shorts here worked perfectly as we collapsed from 6,653 to the 2 targets & as far as 6,522.
• Bear in mind it's a holiday in many countries tomorrow & on Monday so volume could be light and I would expect most traders to close positions before the long weekend - they will not want 4-day Iran risk where anything could happen!!
• There could be minor support at 6,510/6,500.
• A break below 6,490 risks a slide to 6,450/40, perhaps as far as 6,425/6,420.
• Minor resistance at 6,590/6,600.
• Further gains retest strong resistance at 6,635/6,655.

Nasdaq futures

• Emini Nasdaq June futures beat resistance at 24,050/24,150 to target 23,330/350.
• We made a high for the day exactly here & clearly I should have suggested shorts but I only saw this as minor resistance.
• Prices reversed & collapsed as far as 23,753.
• I am not sure where we go today.
• There may be support at 23,650/23,600.
• A break below 23,550 risks a slide to 23,400/350 then 23,250/200.
• Watch for resistance at 23,310/350.
• A break above 23,450 is the next buy signal targeting resistance at 24,700/24,800
• Shorts need stops above 24,950. Shorts at 24,500/400 for profit taking.

Emini Dow Jones futures

• Emini Dow Jones June shot higher from strong support at 45,300/45,100 & through first resistance at 46350/46,500 for a buy signal targeting 47,200/47,300.
• We made a high for the day almost exactly here at 47,090.
• Prices collapsed towards strong support at 46,450/300 & longs need stops below 46,100.
• A break lower can target 45,900 & 45,800/45,750.
• Longs at 46,450/300 can target 46,650/700, maybe 46,900/930.