The daily June E-mini NASDAQ market confirmed Wednesday’s closing price reversal top when it broke through 2730.00. The market is now set up for a 2 to 3 day break equal to at least half of its last rally. Although a closing price reversal top indicates that the selling is greater than the buying at current price levels, it does not necessarily mean a change in the trend.
Currently, the June E-mini NASDAQ contract is testing a long uptrending Gann angle at 2718.50. This angle has provided support for 64 market days. Recently the index broke through this angle, but quickly recovered. At a minimum, expectations are for traders to react the same way if this angle is broken. This means that a break into the uptrending Gann angle from the 2569.50 bottom at 2665.50 is likely over the near-term.
A failure to hold the Gann angle at 2665.50 will mean that selling pressure is building. This should lead to the completion of a 50 to 61.8 percent retracement of the rally from 2569.50 to 2748.50. This retracement zone has been identified as 2659.00 to 2637.75.
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June E-mini NASDAQ Feeling Downside Pressure
Published 03/23/2012, 03:44 AM
Updated 05/14/2017, 06:45 AM
June E-mini NASDAQ Feeling Downside Pressure
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