Trump tariff impact may be seen in Q2 earnings, Capital Economics says
- Emini S&P June recovered most of the early losses quickly then dropped again before an overnight recovery on the open. The low and high for the last session were 5927 - 6054. (To compare the spread to the contract you trade).
- Emini Nasdaq June collapsed to 21471 before a quick recovery to resistance at 21700/21800. Shorts here certainly worked. Last session high and low were: 21471- 21915.
- Emini Dow Jones June was hit hard, reaching 41920 overnight. Last session high & low for the last session were: 42090 - 42954.
Emini S&P June Futures
- Emini S&P collapsed to strong support at 5950/40 and longs needed stops below 5930.
- We made a low for the overnight session at 5927.50 and managed a strong recovery.
- We beat resistance at 5995/6005 on the recovery.
- We have been stuck in a 160 point range throughout June.
- A low for the range at 5930/10 and a high for the range at 6050/6075.
- Below the low of the range we test of support at 5895/85.
- Longs need stops below 5875.
- There’s minor 1 week trend line resistance at 6025/30 and 6055/6060.
- We need a breakout of the range to get some clarity and direction.
Nasdaq June Futures
- Emini Nasdaq made a low for the day just above the 21440/400 target.
- We have been stuck in a 900 point range throughout June.
- Further losses meet a buying opportunity at 21300/250 this week.
- Resistance again at 21700/21800 but a break above 21900 this time suggests the panic is over and can target 21970/990 before a retest of 22050/22106.
Emini Dow Jones June Futures
- Emini Dow Jones longs at my buying opportunity at 42350/250 worked perfectly with a low for the day only 50 ticks lower and a 400 tick recovery.
- In fact, we had 2 chances at this buying opportunity hitting 42550/590 for profit taking.
- Shorts at resistance at 42600/700 also worked twice - the perfect scalping day with 4 winning trades and up to 1400 ticks profit.
- On the overnight open we broke lower to my next targets of 42050/42000 and 41900/850.
- A low for the session so far just 20 ticks above here.
- Minor resistance at 42200/42250 so above 42300 targets 42400/42450.
- A high for the morning is certainly possible here but shorts need stops above 42550.
- Further gains target 42700/750.
- A break below 41850 risks a slide to 41650, perhaps as far as 41350/300.