S&P 500, Nasdaq Futures Ready for Resistance Tests with Firm Support Base

Emini S&P 500 June Futures

• Emini S&P 500 held support at 5380/60 for a few hours, but longs were only offered around 50 points profit (which normally would be huge) before we broke below 5345.
• If you managed to sell the break, we hit targets of 5280/75 and 5220/00.
• We made a low for the day exactly at strong support at 5155/3,5 and longs need stops below 5120 on any retest today.
• Longs worked perfectly on bounce back towards 5360/80.
• Obviously, this is resistance for today.
• Shorts need stops above 5410.
• Further gains target 5425, and a break above 5430 can target 5440 and then 5475/80.
• Resistance at 5500/10 and shorts need stops above 5530.

Nasdaq June Futures

• Emini Nasdaq broke the 1st support to sink as far as 18,000 - 17,900 but made a low for the day exactly at this support.
• A break below 17750, however, risks a slide to 17400/350, perhaps as far as 17300/250.
• Minor resistance at 18675/18775
• A break above 18900, however, opens the door 19100/200 before a retest of 19330/380.
• A break above 19,500 can target trend line resistance at 19700/750 so a break above 19800 should be a buy signal targeting 20,000 to 20,100.
• A high for the day is possible here.

Emini Dow Jones June Futures

• Emini Dow Jones broke support at 39,900/ 39,600 to trigger a move to 39,000 and strong support at 38800/38700.
• Longs here worked perfectly with a low for the day at 38631 and a 1400 point bounce.
• Minor resistance at 40000/40200 is key to the direction this morning.
• Shorts need stops above 40400.
• A break higher targets 40550/650 before a retest of 41000/41140.
• A break above 41,400 should be a buy signal for today. Targeting 41,750 / 41,850 With resistance at 41,900 /42,100, and shorts need stops above 42,400.
• Failure to beat minor resistance at 40000/40200 targets 39500/400 before a retest of strong support at 38800/38700.
• Longs need stops below 38550.
• A break lower can target 38200/100.