Emini Dow Jones - Nasdaq Daily Forecast - May 16, 2019
Emini Dow Jones outlook remains negative and holding below 25640/650 targets minor support at 25550/560 then key support at 25420/460. Failure to hold above 25400 keeps the pressure on for 25320/300. Below 25290 retests the 25215 low. A break below 25200 targets 25125 and 25000/24980. A break below 24950 targets 24870/850.
Above yesterday's high of 25714 meets strong resistance at 25760/780. Shorts need stops above 25820.
Nasdaq key to direction is the 7510/15 area. If we unexpectedly hold above here look for 7550. A break higher targets 5770/80 and could fill the gap at 7610/15.
Holding below 7500 is more negative targeting minor support at 7470/65. Below 7460 look for 7420 and then support at 7395/90.
Below 7370 targets 7320 before the 7290 low. A break lower is an important sell signal targeting 7275 then 7235/25, perhaps as far as strong support at 7170/60. Longs need stops below 7130.