Emini S&P JUNE collapsed 130 points from 4144 on Thursday & another 100 to 3930/20. Further losses are expected to 3865/55 before a retest of very important support at 3820/00...where I correctly called a low for the correction last month - so obviously this is key to direction for the summer.
Gains are likely to be limited with first resistance at 3930/40 then strong resistance at 3960/70. If we unexpectedly continue higher expect very strong resistance at 4000/10.
Nasdaq JUNE broke support at 12410/370 for a sell signal in the morning hitting targets of 12100/050 & 11900/850 as we look for 11600/550 & retest of the May low at 11491. I doubt this will hold a second test & a break lower is an obvious sell signal targeting very strong support at 10800/700. This will be key to direction over the summer & a break lower will be disastrous.
Gains are likely to be limited in the bear trend with first resistance at 12000/100 & strong resistance at 12250/350. Shorts need stops above 12450.
Dax 40 JUNE crashed almost 1000 points last week - in fact almost 900 in just the last 3 days.
FTSE 100 JUNE collapsed 344 points from resistance at the 2022 high at 7615/45 in just 3 days) after I warned: HOLDING THIS RESISTANCE FORMS A RARE BUT VERY NEGATIVE TRIPLE TOP SELL SIGNAL.
Dax broke strong support at 14200/150 to target 13900/800 & probably 13600/550 this week. Eventually we could continue lower to 13480/430 before a retest of very strong support at 13250/150.
Gains are likely to be limited with strong resistance at 13900/14000 but strong resistance again at 14100/200. Only above 14300 turns the outlook positive.
FTSE crashed as far as my lower target & strong support at 7320/00. Longs need stops below 7280. A low for the day but no bounce so be ready to sell a break below 7280 targeting 7225/15, perhaps as far as 7140/20.
A bounce from strong support at 7320/00 targets 7370/80. Strong resistance at 7415/35. Shorts need stops above 7460.
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