DAY TRADE IDEAS MAY 5th

05 May, 2023

Emini S&P June has seen a big move to the downside from strong resistance at 4200/4210 exactly as predicted this week to test last week’s low at 4069 for a potential 130 point profit. Nasdaq June could not hold a break above the April high so we have a potential double top sell signal. We have traded lower but we are still messing about in a sideways range. Emini Dow Jones June broke last week’s low at 33347 adding pressure to the downside as expected.

Today’s Analysis. Emini S&P June shorts at strong resistance at again at 4200/4210 hit my 4130/20 target then last week’s low at 4069 . We should find strong support at 4050/40. Longs need stops below 4030. A break lower is a sell signal targeting 4010/50, perhaps as far as 3090/85. We meet strong resistance at 4110/20. Shorts need stops above 4130. Nasdaq June dipped to my target of 13000/12950, with a low for the day exactly here but not much of a bounce yet. A break below 12900 can target 12700/650. Obviously bulls need a break above the recovery highs of 13350/370 to regain control but we run straight in to the 500 day moving average at 13450/500. We should have resistance at 13130/160. Above here in the sideways trend allows a recovery to 13220/240. Emini Dow Jones June broke 33500/450 for a sell signal targeting 33200 & 33000 – a low for the day exactly here at 33004. If we continue lower today look for 32800. Gains are likely to be limited with strong resistance at 335450/550. Shorts need stops above 33650.