Emini SP 500, Nasdaq, Emini Dow Jones

25 May, 2023

Today’s Analysis.

Emini S&P June broke support at 4170/60 to hit the next target & support at 4120/10. A low for the day exactly here & a 40 point bounce gave us a nice profit, with a high just 3 points below 4170/60. So if we are to establish yet another range it is likely to be from resistance at 4160/70 down to support at 4120/10. Longs need stops below 4095. A break lower targets the May low at 4068/63. If we continue lower look for 4045/40. A break above 4190 allows a retest of 4222/27. Nasdaq June reversed to support at 13700/650. Longs needed stops below 13600, but this was unfortunately a bit too tight as we over ran to 13566 before the expected recovery. Bulls just will not give up as we bounce over 300 ticks. We could even retest this week’s high at 13960/980. A break above 14000 targets 14250/300. I am going to widen out the levels a little as volatility kicks on over debt ceiling talks. Support at 13700/600 could hold again – longs need stops below 13500. I would take a break below 13450 as a sell signal targeting 13350, perhaps as far as a buying opportunity at 13250/200. Longs need stops below 13100. Emini Dow Jones June break below 33000 signalled further losses to the next target of 32850 but we collapsed as far as 32700. I see no reason to expect a bounce from here but if we do, I would look for resistance at 33000/33100 & very strong resistance at 33300/350. Further losses look likely to 32580/550, perhaps as far as 32430/400.