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S&P 500, NASDAQ, Dow Jones Daily Forecast

By Jason SenStock MarketsApr 23, 2021 07:33AM ET
www.investing.com/analysis/sp-500-nasdaq-dow-jones-daily-forecast-200574914
S&P 500, NASDAQ, Dow Jones Daily Forecast
By Jason Sen   |  Apr 23, 2021 07:33AM ET
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E-mini S&P JUNE up one day, down the next day in the sideways trend as we start to establish a sideways consolidation phase. We hit all targets as far as 4118/14 & bottomed exactly here.

NASDAQ JUNE hit strong resistance at 13870/910 but over ran by just 34 ticks before prices collapsed to our targets of 13820/800 & 13720/700. We bottomed exactly here.

E-mini Dow Jones held 100 ticks from the all time high at 34140/144 & bottomed exactly at best support at 33630/600.

Today’s Analysis

E-mini S&P meets strong resistance at 4145/50 on the bounce. Further gains can retest the all time high at 4180/4183.5. A break higher targets 4187/88 and 4205/07.

Holding 4154/50 targets 4135 and 4118/14. Strong support at 4105/00. A break below 4095 signals further losses to 4080 with strong support at 4075/70. Longs need stops below 4065.

NASDAQ holds strong resistance at 13870/910 to target 13820/800 and 13720/700 with strong support at 13640/600. Watch for a low for the day. Longs need stops below 13550. A break lower to targets 13450, perhaps as far as 13370/330.

Strong resistance again at 13870/910. The big 14000 number has held the index as expected. Obviously a sustained break above 14050 opens the door to further significant gains, initially targeting 14170/200.

E-mini Dow Jones bottomed exactly at best support at 33630/600. A break below 33550 however risks a slide to 33450/440 & strong support at 33290/240. Longs need stops below 33190.

Holding best support at 33630/600 targets 33770/790, perhaps as far as 33900/920.

Watch resistance from yesterday’s high at 34000/040 up to the all time high at 34140/144. This is key to direction today in severely overbought conditions. Watch for a minor double top. A break higher however targets 34220/240 and 34330/350.

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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