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Emini S&P September futures stable again yesterday ahead of today's important data. The low and high for the last session were 5490 - 5557. (To compare the spread to the contract you trade)
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Emini Nasdaq September made a low for the day exactly at 18880/18830 as predicted for the second day and a high for the day at resistance at 19150. Last session high & low for the SEPTEMBER futures contract: 18827 - 19150.
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Emini Dow Jones September has a potential double top sell signal after the collapse from the new all-time high at 41682. Last session high and low for the SEPTEMBER futures contract: 40593 - 41169.
Emini SP 500 September Futures
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Emini S&P has now started to move with a break below the lower end of the 10-day range at 5575/5560 on Tuesday, hitting the 1st target of 5540/30 & 5500/5490, with a low for the day exactly here yesterday.
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Best support at 5470/60 today and longs need stops below 5450.
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I could argue that we could be forming a (very lopsided) 6-month head and shoulders pattern with a neckline at 5180/50.
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We should meet resistance at 5565/75 and shorts need stops above 5585. A break above 5585 puts us back in the range of the 2nd half of August.
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I think we can expect further losses in the days and weeks ahead, to form that right shoulder
Nasdaq September Futures
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I have been warning and watching for the formation of a right shoulder in a 6-month head and shoulders pattern in Emini Nasdaq
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We wrote: ''The index is oversold in the short term and we are testing a 2-year ascending trend line so there is a good chance of a bounce from 18880/18830. We should have resistance at 19100/19150.'' These levels caught the exact low and high for the day, so I hope you managed to scalp both the long and short opportunity.
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We are retesting 18880/18830 as I write. Longs need a 100 ticks stop loss below the short-term Fibonacci levels around 18700.
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A break below 18700 should be another sell signal targeting strong Fibonacci support at 18600/500, with a good chance of a low for the day here.
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We should have resistance again at 19100/19150 but shorts need stops above 19250.
- A break higher can target 19370/400 and 19500/550.
Emini Dow Jones September Futures
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Look for short-term support at 40700/650 again today in Emini Dow Jones, which just about held yesterday. Longs need stops below 40550. A break lower see 40650/700 act as resistance targeting further losses towards 40400/350 and perhaps as far as 40100.
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I think gains are likely to be limited as downside risks suddenly open and we should have resistance again at 41150/200 (a high for the day exactly here yesterday in fact) then at 41350/390.
