Emini Dow Jones September Futures shorts at key resistance at 26300/320, unfortunately, stopped before we reversed from 26494.
Nasdaq September Futures sideways as predicted holding first support at 9960/40 & reversed in between first resistance at 9990/10020 and the next target of 10070/090.
Sideways yesterday and I think we should continue in a mostly sideways direction into the end of the week.
Today’s Analysis
Emini Dow Jones September tumbles to 25800/750 with first support at 25690/25650 & strong support at 25540/520 so we are likely to bounce within this band. Longs need stops below 25480. A break lower targets 25400/380 and 25290/250, perhaps as far as 25100/050.
Holding first support at 25690/25650 targets 25800 and 25900/950, perhaps as far as 26100/150 for profit taking on any remaining longs. Ill stick with key resistance at 26300/340.
Stop above 26400 for 25490/500 before a retest of this week’s high at 26640/660. Be ready to buy a break above here for 26800/810 and minor resistance at 27000/100.
Nasdaq September holding first resistance at 10000/050 targets 9960/40 and first support at 9890/70. A break below 9850 targets a buying opportunity at 9800/9780 with stops below 9750. A break lower is a short term sell signal targeting support at 9710/00 for profit-taking. If we continue lower look for a buying opportunity at 9640/20, with stops below 9590.
Shorts at 10000/050 need stops above 10080 for a retest of last week’s all-time high at 10155. A break higher is obviously a buy signal, especially now we are no longer overbought.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is negative