Watch the video & read today’s technical analysis & signals below.
Emini S&P futures.
Emini S&P SEPTEMBER futures collapsed below strong support at 7605/7590 & support at 7570/7560 to hit 7472 on a hawkish FOMC meeting.
However over night we have recovered well to what should be resistance at 7560/7570.
This should be key to direction today. Failure to beat this resistance risks a slide to 7540/35.
A bounce from here is possible but longs need stops below 7425.
A break lower targets 7515/05.
Below 7495 risks a retest of yesterday’s low & support at 7477/72.
Longs need stops below 7460.
A break above 7575 is a buy signal targeting 7590/7595.
Above 7600 look for 7618/23.
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Emini Nasdaq futures.
Emini Nasdaq SEPTEMBER collapsed to my lower target & support at 30050/30000.
A low for the day was expected here & we saw a very strong bounce from 29923.
Longs worked perfectly on the recovery to 30438.
Holding above 30400/30300 is more positive for today, targeting 30550/600.
We should struggle here but shorts may be too risky in the longer term bull trend.
Further gains can target 30730/780 then 30910/970. If we continue higher this week, we can retest the September contract high at 31100.
A break higher targets 31130/190 then 31450/500 & even 31770/830 is possible.
A break below 30300 risks a retest of strong support at 30050/30000 which should hold the downside at this stage.
Longs need stops below 29880.
Emini Dow Jones futures
Emini Dow Jones SEPTEMBER collapsed to 51839 but we are seeing a good recovery to 52273 over night.
YESTERDAY WE POSTED A BEARISH ENGULFING CANDLE BUT I AM NOT GOING TO PAY ATTENTION TO THIS FORMATION AT THIS STAGE.
Minor resistance at 52370/400 but above here can target 52610/660, before a retest of the new all time high at 52734.
Further gains can target 52880/930 & 53220/270.
Above here look for 53440/490.
First support at 52150/050 & longs need stops below 51950.
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