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S&P 500, NASDAQ, Dow Jones Daily Forecast

By Jason SenStock MarketsApr 21, 2021 06:20AM ET
S&P 500, NASDAQ, Dow Jones Daily Forecast
By Jason Sen   |  Apr 21, 2021 06:20AM ET
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E-mini S&P 500 JUNE: I have been warning about strong trend line resistance at 4170/80 this week in severely overbought conditions. We wrote: First support at 4155/50 could hold the downside but below 4145 can target 4135/30, perhaps as far as 4120/15. Strong support at 4105/00.

Once prices broke 4155/50 we hit all targets, almost as far as support at 4105/00. NASDAQ JUNE I have been warning about strong resistance at the big 14000 number for days.

E-mini Dow Jones collapsed further than expected to 33572.

Today’s Analysis

E-mini S&P about to test strong support at 4105/00. A bounce from here on the first test is likely in the bull trend & can target 41116/18, perhaps as far as resistance at 4132/35. We should struggle to beat this level. However further gains meet strong resistance at 4145/50. Shorts need stops above 4155.

A break below 4095 signals further losses to 4080 with strong support at 4075/70. Longs need stops below 4065.

NASDAQ broke strong support at 13850/800 this time to target support at 13640/600. Watch for a low for the day. Bulls have certainly not given up yesterday! Longs need stops below 13550. A break lower to targets 13450, perhaps as far as 13370/330.

Minor resistance at 1376/780. Strong resistance at 13870/910 is the best chance of a high for the day if tested. As expected we are struggling at strong resistance at the big 14000 number. Obviously a sustained break above 14050 opens the door to further significant gains, initially targeting 14170/200.

E-mini Dow Jones first support at 33630/600. A break below 33550 however risks a slide to 33450/440 and best support for today at 33290/240. Longs need stops below 33190.

Minor resistance at 33720/750 then strong resistance at 33860/890.

Emini S&P 500 Chart
Emini S&P 500 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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