Emini Dow Jones September Futures hit the next target of 28475 & topped exactly here. The weakest of the 3 US markets, we dipped to support at 28180/080 & just held on.
Nasdaq we wrote: bulls remain in full control as we look for 11590/600, 11660/690 & perhaps as far as 11750/770.
We topped exactly here this time.
Today’s Analysis
Emini Dow Jones hits profit-taking to 28180/080. Longs need stops below 28000. There’s strong support at 27900/870 but longs need stops below 27800. Further losses risk a slide to 27630/610.
A bounce re-targets 28260 amd 28350, then 28400/420 and 28475/480. On a break higher look for 28600/620, 28730/750, perhaps as far as 28850.
NASDAQ bounces back above 11590/600 to hit 11660/690 and our next target of 11750/770. We topped exactly here as I write but further gains always possible, likely in fact, despite severely overbought conditions as we look for 11820/30 and 11900/920.
The downside is expected to be limited in the strong bull trend but below 116990 risks a slide to 11640 with strong support at 11580/540. Longs need stops below 11490.
Further losses meet support at 11420/400. Longs need stops below 11350.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Neutral
