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Emini S&P 500: Failure To Beat 2943/45 Risks Slide To 2935/33

Published 04/24/2019, 01:37 AM
Updated 07/09/2023, 06:31 AM

Emini S&P 500 - Nasdaq Daily Forecast - April 24, 2019

Emini SP 500 _ Nasdaq

Emini S&P 500 beat resistance at 2923/25 to hit the next target of 2935/37 before all-time high at 2943/45. Obviously, this is the most important level of the day. A break higher starts the next leg higher in the 11-year bull trend targeting 2945/47, 2953/55 and 2962/64.

There is always a double top risk as we approach an all-time high but we would need to see a sell signal to confirm. For today, failure to beat 2943/45 risks a slide to 2935/33 then support at 2924/22. Longs need stops below 2918.

Nasdaq through 7772/75 to hit 7843. The outlook remains positive despite overbought conditions as we look for 7870/75 and 7895/99. Above look for 7923/26 and 7936/39.

The downside is expected to be limited in the bull trend but below 7830 risks a slide to 7800/95. Further losses meet support at 7770/60.

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