Is It Time to Buy Emini S&P 500 and Nasdaq Futures?
2023.05.23 08:43
June broke above strong resistance at 4200/4210 & I have to take this as a buy signal.
Nasdaq June beat resistance at the 100-week & 500-day moving averages at 13460/480 for a buy signal & we have hit my target of 13730/750 & as far as 13960.
Today’s Analysis
Emini S&P June beat the February & April high and the 100 week & 500-day moving averages at 4200/4210. I have to take this as a buy signal.
Strong support at 4200/4190 today! We should also have strong support at 4170/60. Longs need stops below 4150.
On the bounce, we target last week’s high at 4227. Obviously, the Bulls need a break above here to target 4250 & even 4280/85 this week in the short squeeze.
June outlook remains positive of course & we are seeing a break above last week’s high at 13960 to target 14250/300.
However, failure to hold above 13930 risks a slide to yesterday’s low at 13820/800.
Emini Dow Jones June made a high for the week at strong resistance at 33660/690 so we can try short here again this week. Shorts need stops above 33750. I would take a break above here as a buy signal targeting 33840 and then 34000.
Shorts at 33660/690 did target 33550/500 for some profit taking with a low for the day at 33394. Below here we could reach support at 33300/250. Longs need stops below 33150.
