US Stock Markets Plunge to Support Levels: Time to Buy the Dip?

Published 07/18/2024, 03:33 AM
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  1. E-Mini S&P September futures collapsed as far as support at 5635/25. The low and high for the last session were 5632 - 5717. (So you can compare the spread to the contract you trade).

  2. E-Mini Nasdaq September futures collapsed to support at 20100/20050. Last session high and low for the SEPTEMBER futures contract: 19965–20597.

  3. E-Mini Dow Jones September futures continue higher, as expected. Last session high and low for the SEPTEMBER futures contract: 41095–41546.

E-Mini S&P September Futures

  • E-Mini S&P collapsed through support at 5675/65 to the next support at 5635/25 and made a low for the day here. Longs need to stop below 5620.

  • I would take a break below 5620 as a sell signal targeting 5600/5595. I think there is a good chance of a low for the day here but longs need stop below 5585.

S&P 500 Emini-Daily Chart

Nasdaq September Futures

  • E-Mini Nasdaq hit the buying opportunity at 20100/20050 and overran to 19965 but made a quick recovery from here. I am looking for targets of 20200 and 20320. I would not rule out a recovery as far as 20450.

  • I would try a short at 20580/620, with stops above 20690. Targets: 20500, 20400, 20250

Nasdaq Emini 4-Hr Chart

E-Mini Dow Jones September Futures

  • E-Mini Dow Jones beat the all-time high at 40350/360 for an important buy signal for this week, hitting targets of 40630/660 and 40710/750, but we have reached as far as 41299

  • Next targets: 41350/400 (hit yesterday) and 41680/710 (possible today). Support at 40680/630 and longs need stops below 40500.

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