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E-mini Severely Overbought, NASDAQ Still Rising

Published 04/08/2021, 04:29 AM
Updated 07/09/2023, 06:31 AM

E-mini S&P JUNE has almost doubled from the 2020 March low in the best year ever for the US stock market as we hit 4076.

Nasdaq JUNE we wrote: topped exactly at the next target of 13650/680. We are very overbought now so there is the risk of some mid-week profit taking. First support at 13550/530…

Initially we headed lower as predicted and the low for the day was just 17 ticks below here.

Today’s Analysis

The E-mini S&P is severely overbought, so come mid-week, profit taking is possible with first support at 4060/55 and better support at 4045/40. Further losses however can target 4025/20.

Above targets 4085/90, perhaps as far as 4105/10.

NASDAQ making a break above 13680 this morning to target 13710/730 and the all time high of 13850/899. Obviously a sustained break above 13900 is a positive signal, initially targeting the big 14000 number. A weekly close above here tomorrow night would be another obviously positive signal for next week.

First support at 13620/600 but below here can target strong support at 13530/500.

Chart

Emini S&P Chart

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