E-Mini Dow Jones Makes New All-Time High

1. Emini S&P September futures trading sideways for the last 3 days. The low and high for the last session were 5621 and 5708. (So you can compare the spread to the contract you trade).

2. Nasdaq 100 Futures September futures dipped a little further to 20335. Last session high and low for the SEPTEMBER futures contract: 20335 - 20741.

3. Dow Jones Futures September futures shot higher to a new all-time high at 40572

Emini S&P 500 September Futures

• We hit the next targets of 5601/04, 5611/13 and 5617/19, 5627/31, 5646/48 and now 5672/76  and 5705/07 last week. A new all-time high exactly here before prices unexpectedly collapsed to wipe out all of Wednesday's gains. We wrote: I would at least expect a sideways consolidation to develop, and in the very short term, further minor losses are possible (even likely).
• Still there is no sell signal, so I would not be comfortable in a short, but we could certainly dip as far as support at 5595/5585 at the start of the consolidation phase. Longs need to stop below  5575. Targets: 5605, 5615, 5625.
• However, a break below 5575 risks a slide to 5560/55 and even as far as 5520/10 is possible.
• A break above 5710, however, can target: 5714/15, 5720/21 and 5728/3

Nasdaq September Futures

• Emini Nasdaq made a new all-time high exactly at the next target of 20950/21000 last week, but then unexpectedly crashed below support at 20770/690.

• THIS DOES LEAVE A BEARISH ENGULFING CANDLE ON THE DAILY CHART

• On Friday, we initially broke first support at 20430/390 but recovered from 20335.

• A break below here this week targets 20250/240. This could hold the downside initially.

• I would feel safer buying at 20100/20050 this week, with stops below 19970.

• I would try a short at 20940/980 to see if a double top forms. Shorts need stops above 21050.

E-mini Dow Jones September Futures

• Emini Dow Jones September futures beat the all-time high at 40350/360.

• The weekly close above here should be an important buy signal for next week. We can target 40630/660 and 40710/750.

• However, failure to hold above 40300 today risks a slide to a buying opportunity at 40050/39950, and longs need stops below 39850.