E-mini S&P 500 JUNE up one day, down the next day in what appears to be the start of a sideways consolidation phase as we retest the new all time high of 4186.75.
NASDAQ JUNE bulls must hold prices above 13900/850 this morning.
E-mini Dow Jones bottomed exactly at best support at 33860/830 & longs worked perfectly on the bounce towards minor resistance at 33950/3400.
Today’s Analysis
E-mini S&P retests the new all time high at 4186.75 (which just happens to be bang on the next target of 4187/88). A break higher targets 4205/07. If we continue higher look for 4220/22 and 4231/33.
First support at 4155/51. A break lower to targets 4135/32. Strong support at 4115/10. Below 4100 risks a slide to strong support at 4075/72.
NASDAQ trying a retest of the all time high at 14060. A break higher opens the door to further significant gains, initially targeting 14140/150 and 14250/270, perhaps as far as 14400.
Failure to beat the all time high at 14060 risks a small double top reversal pattern. Best support at 13900/860. Longs need stops below 13820. A break lower to risks a slide to 13790/770, perhaps as far as last week’s low at 13720/700. Further losses this week meet strong support at 13640/600.
E-mini Dow Jones bounce towards minor resistance at 33950/34000. Further gains retest the all time high at 34140/144. A break higher however targets 34220/240 and 34330/350.
Strong support again at 33860/830. A break below 33800 risks a slide to the best support for today at 33660/610. Longs need stops below 33560. A break lower targets 33450/440 and strong support at 33290/240. Longs need stops below 33190.
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