Emini SP 500, Nasdaq, Emini Dow Jones

17 May, 2023 Emini S&P June remains trapped in a frustrating, volatile, trendless sideways pattern, holding a range of just 60 points last week & only 36 points so far this week. Frustrating but I just cannot find opportunities in these conditions. I am watching to see if a head & shoulders forms on the short term chart, but the neck line is at 4055/4050, so it could be a long wait in these conditions. Nasdaq June retests resistance at the 100 week & 500 day moving averages at 13460/480 with an over run to 13554 as we trade in the opposite direction to the Dow Jones.

Today’s Analysis.

Emini S&P June holding minor support at 4130/20 perfectly yet again yesterday for a small scalping opportunity. Below 4110 today risks a slide to the May low at 4075/65. We should find strong support at 4050/40 this week. Longs need stops below 4030. A break lower is a sell signal targeting 4010/05, perhaps as far as 3990/85. A break above last week’s high at 4173 tests strong resistance at 4200/4210. Shorts need stops above 4230. Nasdaq June retest of strong resistance at the 100 week & 500 day moving averages at 13460/480 but shorts have been stopped above 13530. The break higher can target 13730/750. However failure to hold above 13460/480 signals a false breakout yesterday in severely overbought conditions. A break below 13440 can target 13360/330 & perhaps as far as support at 13250/210 (eventually). Emini Dow Jones June remains in a 1 month bear trend with lower peaks over the past 2 weeks. We tumbled from short term resistance at 33500/550 to retest the key level on the downside, the May low at 33000 of course. A break below here confirms we are in a short term negative trend & can initially target 32900/880 then the 200 day moving average at 32830. Gains are likely to be limited with resistance at 33320/370 & again at 33650/700. Please email me if you need this report updated or Whatsapp: +66971910019