Stock Markets Analysis and Opinion

S&P 500, Nasdaq, Dow Jones: Key Support Levels to Watch as Rebound Attempt Fails

2024.07.26 08:23

  •  E-Mini S&P September futures collapsed through support at 5545/35 for a sell signal targeting 5505/00 and we fell as far as 5462. The low and high for the last session were 5462 – 5585.
  • E-Mini Nasdaq September futures shorts at resistance at 20030/080 worked perfectly hitting all targets as far as 19600. Last session high and low for the September futures contract: 19168 – 19883.
  • E-Mini Dow Jones September futures headed lower as predicted to my strong support at 40100/40000. A low for the day exactly here. Last session high and low for the September futures contract: 40053 – 40583.

E-Mini S&P September Futures

1. crashed through support at 5545/35 for a sell signal and hit 5462.

2. Minor resistance at 5500/05 could see a high for the morning but the best sell opportunity for the day is at 5520/25 and shorts need stops above 5535.
Targets: 5505, 5490, 5470

3. A break above 5535 is a buy signal targeting 5545 and 5560.

4. A break below 5458 is a sell signal targeting 5425 and an excellent buying opportunity at 5410/00.
Longs need stops below 5385.

S&P 500 Futures-Daily Chart

Nasdaq September Futures

1. shorts at resistance at 20030/080 worked perfectly hitting all targets as far as 19600 for a quick and easy potential 450 tick profit

2. However longs at the buying opportunity at 19530/470 were stopped below 19400 giving back around 100 ticks of the profit on the day.

3. There is minor support in the 19200/100 area but I do not feel confident that it will hold as downside momentum builds.
If you fancy the gamble, stop below 19,000.

4. Further losses can target strong support at 18830/730.
Longs need stops below 18600.

Nasdaq Futures-Daily Chart

E-Mini Dow Jones September Futures

1. We wrote: Further losses were expected in  to 40700/650 and 40330/300 and even a test of strong support at 40100/40000 is possible into next week.

2. We hit the target and strong support at 40100/40000, with a low for the day exactly here.
Targets for the bounce: 40300 and 40400 for profit taking.

3. Strong resistance at 40400/500 and shorts need stops above 40600.

4. A break below 39900 is a sell signal for today targeting 39600/500 for profit taking on shorts.Dow Jones Futures-Daily Chart



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