Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

S&P 500, NASDAQ, Dow Jones Daily Forecast

Published 06/04/2021, 07:13 AM

E-mini S&P JUNE has been trading sideways for 2 months. However I cannot see a negative pattern forming, so this is likely to be a consolidation in the bull trend. We broke first support at 4195/90 but bottomed exactly at the next target of 4170/65. Longs worked on the bounce to 4190/95.

NASDAQ JUNE finally breaks first support at 13650/600.

Dow Jones broke first support at 34600/500 but bottomed exactly at the next target and support at 34300/34200.

Today’s Analysis

E-mini S&P holding first resistance at 4190/95 retests good support at 4170/65. Longs need stops below 4160. A break lower is a sell signal targeting 4140/35, perhaps as far as 4120/10.

Minor resistance at 4190/95 but above 4200 allows a recovery towards more important resistance at the all time high at 4233/38. A break higher targets 4260/65.

NASDAQ holding first resistance at 13600/650 retests short term moving average support at 13480/460 with best support at 13380/350 today. Longs need stops below 13300. A weekly close below here is more negative for next week.

Shorts at first resistance at 13600/650 stop above 13700. A break higher is a buy signal with a break above this week’s high at 13773 and 13818 signalling further gains.

E-mini Dow Jones holding first resistance at 34550/650 means we are likely to retest support at 34300/34200. Longs need stops below 34100. A break lower can target 33900/880 & 33650/600. Further losses can retest 2 week lows at 33450/400.

First resistance at 34550/650 But above 34700 can target 34800 before a retest of the all time high at 34900/35000.

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.

Latest comments

ok
June has been trading sideways for 2 months. I didn't know June was 2-months long. Wack
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.