- E-mini S&P June longs at first support at 4460/50 midweek worked perfectly on the run from 4445 up towards strong resistance at 4530/40 by Friday. This is obviously key to direction with a high for the day exactly here on Friday.
- NASDAQ June beat resistance at 14400/500 for a buy signal targeting 14650/680 then 14820/870 with a high for the day (and the week, of course) exactly here. The perfect call for last week.
- E-mini Dow Jones June shot higher from strong support at 34250/150 to target 34400/450 and 34750/800 for profit taking. A high for the day just 9 ticks from strong resistance at 34850/950.
Today's Analysis
E-mini S&P June made a high for the day exactly at strong resistance at 4530/40. Shorts worked on the slide to the first target of 4490/4500. Try shorts again with stops above 4555. A break higher retests the February high at 4575/78. Above here look for 4595/99. I wonder if we are seeing a high for the bounce at strong resistance at 4530/40. (No idea what we are doing up here). Shorts target 4500/4490, perhaps as far as first support again at 4460/50. Longs need stops below 4430. A break lower targets 4405 & 4395, perhaps as far as strong support at 4370/60. Longs need stops below 4350.
NASDAQ June beat resistance at 14400/500 for a buy signal targeting 14650/680 and 14820/870. If we continue higher this week expect strong resistance at 15100/15200. Shorts need stops above 15350. In severely overbought conditions it is possible that 14820/870 will mark a high for the recovery. Shorts here target 14600 then 14400/350. This should hold the downside initially but I wonder if longs are too risky. A break lower targets support at 14140/100.
E-mini Dow Jones June rockets from strong support at 34250/150 and as far as strong resistance at 34850/950. Shorts need stops above 35150. Shorts at strong resistance at 34850/950 target 34500 and first support at 34250/200 for profit taking.
Video Analysis