E-mini S&P September bottomed exactly at first support at 4420/10 before making a new all time high at 4443.
NASDAQ September bottomed exactly at strong support at 14970/930 yesterday.
E-mini Dow Jones September edges a little higher to a new all time high at 35402.
Today’s Analysis
An E-mini S&P break above the new all time high at 4438 is a buy signal initially targeting 4455/60, perhaps as far as 4475/79. Downside is expected to be limited in the bull trend despite severely overbought conditions. There is no sell signal yet. First support at 4420/10 held perfectly yesterday and could do again today. Second support at 4385/80. Longs need stops below 4375.
NASDAQ bottomed exactly at strong support at 14970/930. Longs need stops below 14890. A break lower can target 14790/770. Longs at strong support at 14970/930 target 15110/120 before a retest of the all time high at 15172. A break higher targets strong resistance at 15320/350. A break above 15400 targets 15700/750.
The E-mini Dow Jones September high was as expected and it also topped exactly at the next target and resistance at 35400/450. Obviously this is key to direction in severely overbought conditions but shorts are too risky with no sell signal in such a strong bull trend. A break above 35490 targets 35650/680. Minor support at 35300, better support at 35150/100. Longs need stops below 35000.
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