U.S. Stocks Markets to Turn Lower?
2023.04.19 05:18
June made a high for the day only 2 points from strong resistance at the February high & 100 week & 500-day moving average resistance at 4200/4210.
THIS IS THE IS THE MOST IMPORTANT LEVEL OF THE WEEK.
June edges a little higher.
June is stuck in a short-term volatile sideways trend.
Today’s Analysis
Emini S&P June tests the February high & 100 week & 500-day moving average resistance at 4200/4210. Try a short with stop above 4230. A break higher (& holding above 4200) is an important buy signal this week (obviously!!). 4300 is a reasonable target.
Minor support at 4165/60. I do not suggest a long. A break below 4150 is a sell signal targeting good support at 4110/00. Longs need stops below 4090. A break lower is an important sell signal.
Nasdaq June edged a little higher to 13298. Further gains in the April sideways trend can retest the April high at 13330/350. A break higher from here meets strong resistance at 13480/520. Shorts need stops above 13560.
Strong support again at 13000/12950. Longs need stops below 12900. A break lower can target 12740/700.
Emini Dow Jones June bulls need to hold prices above the 4-month descending trend line at 34100/34000 for a buy signal targeting 34280/290 & 34500.
However, bear in mind we are severely overbought after a 3000-point gain in just 1 month. A break below 33850 signals the 4-month trend line has held & is likely to see further losses to at least 33600.
