Emini SP 500, Nasdaq, Emini Dow Jones
30 May, 2023
Emini S&P June collapsed on Tuesday & Wednesday then recovered all the losses on
Thursday & Friday as we play debt ceiling games.
Shorts at 4160/70 stopped above 4185 for a retest of 4222/27 & a high for the day
here. We hit4243 on the open but have eased back to fir’s high at 4220. If bulls
remain in control we can target 4275/80, perhaps as far as 4300/05.
WE should have support at 4210/4200. Longs need stops below 4190. Holding below
4190 should be more negative for this week & risks a slide to 4170/65.
Nasdaq June higher as expected after the buy signal to hit my next target of
14250/300. We have now recovered 61.8% of the 2022 decline now. I would not bet
that the 61.8% Fibonacci will hold at 14300. The close at the high of the week
suggests further gains towards 14440 (hit on the open) & 14550, perhaps as far as
14750/800.
Support at 14030/13960 although is looks unlikely we will fall this far. Longs need
stops below 13900.
Emini Dow Jones June reversed & won back Wednesday’s & Thursday’s losses. We
tested 33000/33100, reaching 33200 but could not break above here. But a good
chance we will on the open targeting 33280/300, perhaps as far as 33450/480.
Support at 33050/33000. Below here however risks a slide to 32900/880.
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