- Emini S&P June futures I still think there is a good chance that we are about to establish a short term sideways trading range after such significant gains recently…A consolidation is normal, to ease overbought conditions.
- But there is definitely no sell signal so I do not recommend gambling on a downturn at this stage.
- We tested better support at the previous all time high at 7540/7535.
- Longs needed stops below 7530…..but unfortunately we ran as far as 7525 before the strong recovery.
- I am sticking with support at 7540/35 today but longs need stops below 7525!!
- We do have Fibonacci support at 7517/12….longs need stops below 7500.
- Just be aware that a break below here risks a slide to 7445/7440.
- If we happen to recovery & break the all time high at 7632, look for 7640/50, perhaps as far as 7670/7675.
- Emini Nasdaq June futures probably starting to form a sideways range to consolidate recent significant gains, as I warned.
- We broke short term support at 30310/270 to target 30150/130, perhaps as far as support at 30000/29950 & longs need stops below 29850.
- Just be aware that a break lower targets 29700/650.
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