E-mini S&P September weekly close above 4268 leaves a bullish engulfing candle on the weekly chart as we warned on Friday, which starts this week with a buy signal. The close near the new all time high at 4277 was another positive signal.
We hit 4282 yesterday.
NASDAQ September hits our next target of 14450/500.
E-mini Dow Jones September unexpectedly sold off (despite the other US markets pushing higher) as far as our lower target of 34130/100.
Today’s Analysis
E-mini S&P ends the week with a buy signal & as expected we push higher to 4277/78, almost as far as 4284/85 and look for 4295/99 perhaps later in the week. Downside is expected to be limited with minor support at 4260/55 (we held 5 points above here yesterday) & best support at 4240/30. Longs need stops below 4220.
NASDAQ hit the next target of 14450/500 as predicted. This is the main challenge for bulls this week but obviously shorts are very high risk in the bull trend despite severely overbought conditions. Bulls need a break above 14550 for the next buy signal targeting 14590/600 & 14660/680.
The downside should be limited in the strong bull trend. First support at 143420/380 but longs need stops below 14320. Next target and strong support at 14240/220. Longs need stops below 14190.
E-mini Dow Jones September unexpectedly sold off to as far as 34130/100. This is the best support for today but longs need stops below 34000. A break lower can target 33880/850. Longs need stops below 33800.
Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.