05 May, 2023
Emini S&P June has seen a big move to the downside from strong resistance at
4200/4210 exactly as predicted this week to test last week’s low at 4069 for a
potential 130 point profit.
Nasdaq June could not hold a break above the April high so we have a potential
double top sell signal.
We have traded lower but we are still messing about in a sideways range.
Emini Dow Jones June broke last week’s low at 33347 adding pressure to the
downside as expected.
Today’s Analysis.
Emini S&P June shorts at strong resistance at again at 4200/4210 hit my 4130/20
target then last week’s low at 4069 . We should find strong support at 4050/40.
Longs need stops below 4030. A break lower is a sell signal targeting 4010/50,
perhaps as far as 3090/85.
We meet strong resistance at 4110/20. Shorts need stops above 4130.
Nasdaq June dipped to my target of 13000/12950, with a low for the day exactly here
but not much of a bounce yet. A break below 12900 can target 12700/650. Obviously
bulls need a break above the recovery highs of 13350/370 to regain control but we
run straight in to the 500 day moving average at 13450/500.
We should have resistance at 13130/160. Above here in the sideways trend allows a
recovery to 13220/240.
Emini Dow Jones June broke 33500/450 for a sell signal targeting 33200 & 33000 – a
low for the day exactly here at 33004. If we continue lower today look for 32800.
Gains are likely to be limited with strong resistance at 335450/550. Shorts need stops
above 33650.
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