Emini SP 500, Nasdaq, Emini Dow Jones
14 May, 2023
Emini S&P June remains trapped in a frustrating, volatile, trendless sideways pattern,
holding a range of just 60 points last week. Frustrating but I just cannot find
opportunities in these conditions.
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 edging slowly higher to test resistance at the 100 week & 500 day
moving averages at 13460/480.
We reversed from 13494 on Friday & at one stage we traded below Thursday’s low of
13361 reaching 13311.
A close below here would have left a bearish engulfing candle for a sell signal, but we
recovered to close at 13370. Still, it was the most negative price action for 3 weeks &
we did reject the longer term moving averages. I hope we get some follow through
on Monday & finally see a decent move!!
We have the 200 hour moving average plus 2 month rising trend line at 13280. So a break below 12270 SHOULD (I hope) trigger some stops & losses towards some short
term moving averages & last week’s low around 13210/190. Further losses can target
13150, perhaps as far as 13070/050.
Emini Dow Jones June is building a short term bear trend so this has the most
negative outlook of all three. HOWEVER Friday’s price action was not exciting & we
closed unchanged on the day
Today’s Analysis.
Emini S&P June stuck in a 60 point range all last week & holding minor support at
4130/20. Below 4110 today risks a slide to the May low at 4075/65. We should find
strong support at 4055/50 this week. Longs need stops below 4030.
A break lower is a sell signal targeting 4010/05, perhaps as far as 3990/85.
A break above last week’s high at 4173 tests strong resistance at 4200/4210. Shorts
need stops above 4230.
Nasdaq June break above 13390 triggers a test of strong resistance at the 100 week
& 500 day moving averages at 13460/480 as predicted with a high for the day
exactly here. Shorts need stops above 13530. A break higher can target 13730/750.
Holding strong resistance at 13460/480 can target 13370/330 & probably as far as
support at 13250/210. Longs could be risky Emini Dow Jones June remains in a 1 month bear trend.
We should have short term resistance at 33500/550 today. Shorts need stops above
- A break higher can target resistance at 33800/850.
Key level on the downside is the May low at 33000. A break below here confirms we
are in a short term negative trend of course & can initially target 32900/880 then the
200 day moving average at 32830.
Please email me if you need this report updated or Whatsapp: +66971910019
Leave a Reply