AUD/USD—after last week's bearish engulfing candle in severely overbought conditions, we now have a small shooting star candle after the retest of last week's high, leaving a potential double top sell signal.
E-mini S&P JUNE—we wrote: We are now severely overbought on the daily chart & short term charts. Although I think we could drop 100 points there is no sell signal so I cannot recommend a short. If we do head lower (as I think we will), look for 4585/80... A perfect call as we reverse to 4575.
NASDAQ June beat resistance at 14400/500 for a buy signal targeting 14650/680 then 14820/870 and as far as my ultimate target and strong resistance at 15100/15200. Shorts here worked perfectly we reverse from 15268.
Today's Analysis
AUD/USD shorts at 7500/7530 re-target 7450/45 then 7405/7395. A low for the day certainly possible, but longs are now more risky after the potential sell signal. Bulls need a break above 7555 to kill the negative signal from the bearish candles. A break higher targets 7630/40.
E-mini S&P JUNE reversed from Tuesday's high as predicted to hit the first target of 4585/80, with a low for the day half way to support at 4565/55. Further losses meet very strong support at 4520/10. Longs need stops below 4495. We could have a high for the 2 week recovery in place now. A bounce this morning obviously meets resistance at 4625/30. However, a break above 4640 opens the door to 4660/70 and a break above here is the next buy signal.
NASDAQ JUNE tests strong resistance at 15100/15200. Shorts need stops above 15350. A break higher is a buy signal targeting 15500/520, perhaps as far as 15650. Our shorts target first support at 14950/900. A bounce from here is possible. However, longs may be too risky. If we continue lower look for 14850 then 14750/700.
Video Analysis