Emini Dow Jones September Futures rocket to just 30 ticks from the next target of 28100/130 & bottomed exactly at strong support at 27570/550.
Nasdaq we wrote: I think we need a period of consolidation & I think we will trade sideways this week. Will be better for scalpers.
We are trading sideways as predicted this week as we recover all of Tuesday’s losses. Update daily at 08:00 & 19:00 GMT.
Today’s Analysis
Emini Dow Jones bottomed exactly at strong support at 27570/550 & longs worked perfectly on the bounce to the 27920/950 target. In fact we topped exactly here. Try longs again at strong support at 27570/550, with stops below 27500. A break lower targets 27260/220. On further losses look for strong support at 27000/970.
Longs at 27570/550 target 27750, perhaps as far as 27920/950. A break above 28100/130 targets 28300/350 & 28500/550.
Nasdaq longs at 10830/800 target 10900/920 then 10980/900 & selling opportunity at 11040/080 but unfortunately, we were stopped above 11140 before turning lower.
So holding below 11000 is more negative for today targeting 10920/900, perhaps as far as a buying opportunity at 10830/800. Stop below 10750. A break lower is a sell signal targeting 10700/670. On further losses look for strong support at 10600/550.
Holding above 11100 is more positive for today allowing a recovery to 11150/170 & above 11200 we can retest the all-time high at 11275/285.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Neutral
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