Emini SP 500, Nasdaq, Emini Dow Jones

17 May, 2023
Emini S&P June remains trapped in a frustrating, volatile, trendless sideways pattern,
holding a range of just 60 points last week & only 36 points so far this 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 retests resistance at the 100 week & 500 day moving averages at
13460/480 with an over run to 13554 as we trade in the opposite direction to the
Dow Jones.

Today’s Analysis.

Emini S&P June holding minor support at 4130/20 perfectly yet again yesterday for a
small scalping opportunity. Below 4110 today risks a slide to the May low at 4075/65.
We should find strong support at 4050/40 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 retest of strong resistance at the 100 week & 500 day moving averages
at 13460/480 but shorts have been stopped above 13530. The break higher can
target 13730/750.
However failure to hold above 13460/480 signals a false breakout yesterday in
severely overbought conditions. A break below 13440 can target 13360/330 &
perhaps as far as support at 13250/210 (eventually).
Emini Dow Jones June remains in a 1 month bear trend with lower peaks over the past
2 weeks.
We tumbled from short term resistance at 33500/550 to retest the key level on the
downside, the May low at 33000 of course. A break below here confirms we are in a
short term negative trend & can initially target 32900/880 then the 200 day moving
average at 32830.
Gains are likely to be limited with resistance at 33320/370 & again at 33650/700.
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