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S&P 500, NASDAQ, Dow Jones Daily Forecast

By Jason SenStock MarketsApr 16, 2021 02:58AM ET
www.investing.com/analysis/sp-500-nasdaq-dow-jones-daily-forecast-200573402
S&P 500, NASDAQ, Dow Jones Daily Forecast
By Jason Sen   |  Apr 16, 2021 02:58AM ET
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E-mini S&P JUNE tests very strong resistance at 4155/60 this week.

NASDAQ JUNE struggles at strong resistance at the big 14000 number as expected.

E-mini Dow Jones hits next target & strong resistance at 33860/920. Bulls now need a break above 34000 for the next buy signal in to next week.

Today’s Analysis

E-mini S&P strong resistance at 4155/60 this week. A break above 4175 therefore keeps bulls in control, initially targeting 4195/4200.

Of course we are severely overbought & this trend line is strong. Shorts in such a bull trend are never a smart idea but I do believe there is a good chance of some profit taking to 4149/46 and 4125/20. Below 4110 risks a slide to strong support at 4090/85.

NASDAQ meets strong resistance at the big 14000 number this week and we topped a fraction above at 14029/034 this week. Obviously a sustained break above 14050 opens the door to further significant gains, initially targeting 14170/200.

As I write this morning we are testing strong support at 13900/850 and again at 13780/740. Longs need stops below 13700.

E-mini Dow Jones downside is expected to be limited with minor support at 33700/650 then strong support at 33400/350. Best support at 33100/33000. Longs need stops below 32900.

A break above 34000 targets 34200/240 then 34600/650.

Emini S&P Chart
Emini S&P Chart

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.

S&P 500, NASDAQ, Dow Jones Daily Forecast
 

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S&P 500, NASDAQ, Dow Jones Daily Forecast

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