Emini SP 500, Nasdaq, Emini Dow Jones

18 May, 2023

Emini S&P June broke out of the 60 points range & should meet strong resistance at
4200/4210 again.
I am watching to see if a head & shoulders forms on the short term chart, but the
neck line is at 4055/4050, so it could be a long wait in these conditions.
Nasdaq June unexpectedly soars through resistance at the 100 week & 500 day
moving averages at 13460/480.

Today’s Analysis.

Emini S&P June should have support today at 4145/35. Longs need stops below 4125.
Targets for longs: 4165 & 4175.
A break below 4105 should be a sell signal targeting 4085.
We should have strong resistance at 4200/4210 again. (Shorts have worked here
before). A weekly close above 4210 tomorrow night should be a buy signal.
Nasdaq June beat strong resistance at the 100 week & 500 day moving averages at
13460/480 with shorts stopped above 13530 on Tuesday.
A low for the day exactly at 13460/480 yesterday & if you managed to buy in to a
long, the break higher can target 13730/750. (We reached 13669 yesterday).
Obviously we have support at 13460/480 again today. Longs need stops below
13400.
Emini Dow Jones June retested the key level on the downside, the May low at 33000
with a bounce from here beating resistance at 33320/370.
We held the short term 38.2% Fibonacci level of 33500/550. In these choppy
sideways conditions I am not going to try to guess direction today. A break higher
meets what should be strong resistance at 33660/690. Shorts need stops above
33750.
I would take a break above here as a buy signal targeting 33840 then 34000.
If you want to try to scalp the short term 38.2% Fibonacci level of 33500/550 look for
a profit taking target of 33350/300. If we continue lower we could retest
33050/33000.
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