E-mini S&P September we wrote: 4340/45 is the only resistance of any importance for this week.
We topped a little above here and crashed Thursday to 4279.
A Bearish engulfing candle on Thursday signaled we had a short term top in place. The outlook was neutral/negative. A weekly close below 4264 Friday night was a sell signal.
NASDAQ September correction on Thursday hit second support at 14600/580. Longs here worked perfectly on the bounce to 14755.
The E-mini Dow Jones September longs at best support at 34320/280 worked perfectly yet again on Thursday, on the bounce to our targets of 34430/460 and 34550/570. HOWEVER, Thursday we crashed to the next target and 34100/34000, where we bottomed. Longs offered an easy 200 tick profit.
Analysis
E-mini S&P risked having increased to the downside in the very short term. Best support was at 4280/70. A break below 4265 was a sell signal targeting 4245, perhaps as far as 4230/25.
Minor resistance at 4310/15 could've seen a high for the day. However a break higher could have retested very strong resistance at 4340/45. Stop above 4355. A break higher was a buy signal targeting 4365/70 and eventually resistance at 4400/05.
NASDAQ held support at 14600/580, but a break lower was possible on Friday to a buying opportunity at 14440/420. Stop below 14390. A break lower risked a slide to a buying opportunity at 14180/140. Stop below 14090.
Minor resistance at 14730/750. A break higher could have retested 14850/880, but we expected strong resistance at 14940/990.
E-mini Dow Jones September holding first resistance at 34300/320 retested support at 34100/34000. A break lower Friday, however, could target 33890/850.
Any shorts at first resistance at 34300/320 stop above 344400. A break higher could have targeted 34430/460 and 34550/570. Further gains in the bull trend retest the September contract high at 34755. A break higher could have targeted the all time high at 35000.
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