And Here Come Indices: Emini S&P 500, Emini Dow Jones and Nasdaq [VIDEO ANALYSIS]
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Emini S&P JUNE longs at first support at 4460/50 midweek worked perfectly on the run from 4445 up towards strong resistance at 4530/40 by Friday. This is obviously key to direction with a high for the day exactly here on Friday.
Nasdaq June beat resistance at 14400/500 for a buy signal targeting 14650/680 then 14820/870 with a high for the day (& the week of course) exactly here. The perfect call for last week.
Emini Dow Jones June shot higher from strong support at 34250/150 to target 34400/450 & 34750/800 for profit taking. A high for the day just 9 ticks from strong resistance at 34850/950.
Update daily by 06:00 GMT.
Today's Analysis.
Emini S&P JUNE made a high for the day exactly at strong resistance at 4530/40. Shorts worked on the slide to the first target of 4490/4500. Try shorts again with stops above 4555. A break higher retests the February high at 4575/78. Above here look for 4595/99.
I wonder if we are seeing a high for the bounce at strong resistance at 4530/40. (No idea what we are doing up here). Shorts target 4500/4490, perhaps as far as first support again at 4460/50. Longs need stops below 4430. A break lower targets 4405 & 4395, perhaps as far as strong support at 4370/60. Longs need stops below 4350.
Nasdaq JUNE beat resistance at 14400/500 for a buy signal targeting 14650/680 & 14820/870. If we continue higher this week expect strong resistance at 15100/15200. Shorts need stops above 15350.
In severely overbought conditions it is possible that 14820/870 will mark a high for the recovery. Shorts here target 14600 then 14400/350. This should hold the downside initially but I wonder if longs are too risky. A break lower targets support at 14140/100.
Emini Dow Jones JUNE rockets from strong support at 34250/150 & as far as strong resistance at 34850/950. Shorts need stops above 35150.
Shorts at strong resistance at 34850/950 target 34500 & first support at 34250/200 for profit taking.
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