Stocks are running out of momentum

Emini S&P SEPTEMBER hit a new all time high at 6357 but closed a little lower on the day.
Last session high & low were: 6323 - 6357.
Emini Nasdaq September reached a new all time high at 23320.
Last session high & low were: 23203- 23320.
Emini Dow Jones September gave up most of Thursday's gains.
Last session high & low for the last session were: 44423 - 44858.

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures

Emini S&P hit my next target of 6352/55 with a new all time high just 2 points above.
The index has really only traded sideways since jumping higher on the 3rd of July despite making the odd new all time high within that time.
There is no indication that prices are about to collapse.
So I cannot suggest a short position but having said that, a drift lower to 6235/6215 would not surprise me in the coming days or weeks.
Of course further gains are always possible in such a strong bull trend and we may just be stuck in the normal consolidation phase.
On a move higher the next target is 6365/67.
Eventually 6377/80 & even 6390 is possible.
We closed the week below 6343/38 which is not the strongest signal but it's still not a sell signal
Minor support today at 6335/30 but below 6325 meets a buying opportunity at 6315/10 and longs need stops below 6300.

Nasdaq September futures
Emini Nasdaq break higher hit my targets of 23150/155, 23220/230 and 23300/310 within new all time high almost exactly here.
Again there is a risk that we are running out of momentum and need a correction to the downside but currently there is no sell signal.
Holding above 23250 today & we can retarget 23300/310
Eventually we can reach as far as 23350/370 & 23410/430 with 23500/510 certainly not out of the question.
Look for support at 23180/160.

Emini Dow Jones September futures

Emini Dow Jones reversed from 44858
I am not sure about the bull flag pattern but if we do continue higher at the start of this week look for my targets of 44940 & 45040.
Further gains retest the all time high at 45177.
A break higher tests the trend line at 45350/400.
We should find support at 44430/44400 & 43950/43850.

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.

AUD/USD stalls rebound above 0.7050 amid fresh Mideast tensions

AUD/USD stalls its rebound from almost two-month lows and treads water near 0.7050 in Asia on Monday, as the US Dollar pauses following Friday's upbeat US NFP-led blowout rally to a two-month high. However, renewed geopolitical tensions, along with surging bets on Fed rate hikes, continue to act as a tailwind for the USD, capping the higher-yielding Aussie.

USD/JPY holds higher ground toward 160.50 despite 'Yentervention' fears

USD/JPY holds higher ground toward 160.50 in Monday's Asian trading, despite intervention fears. Japan’s revised GDP print, which confirmed that the economy lost momentum in the first quarter, weighs on the Japanese Yen. Meanwhile, Friday's upbeat US NFP report and fresh Israel-Iran attacks favor the US Dollar bulls, underpinning the currency pair.

Gold recovers slightly from the $4,300 neighborhood; not out of the woods yet

Gold attracts some buyers at the start of a new week and reverses part of Friday's decline to its lowest since March 24, around the $4,300 mark. The US Dollar pauses after Friday’s upbeat US NFP-led blowout rally to a two-month high and supports the bullion. However, a surge in bets on a Fed rate hike, along with geopolitical uncertainties, favors USD bulls. The backs the case for the emergence of fresh sellers around the precious metal at higher levels.

Bitcoin under pressure, Ethereum breaks support and XRP weakens targets $1

Bitcoin, Ethereum, and Ripple remain under pressure at the start of this week after losing more than 14%, 15%, and 13%, respectively, in the previous week. BTC struggles below $63,000, ETH loses key support zones, while XRP’s momentum indicators continue to favor further downside.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.