S&P 500, NASDAQ And Dow Jones Daily Forecast

NASDAQ September we wrote: the recovery from just above support at 13940/900 beats the all time high at 14218 reaching 14300. Further gains are likely towards the next target of 14450/500.

We held just 28 ticks from this week’s target.

Dow Jones E-mini September beat all the resistance levels in a 950 tick recovery to form a bullish engulfing candle on the daily chart. The break above key resistance at 34000/34050 is another buy signal as we hit the next target of 34180/230.

E-mini S&P bounce from best support at 4215/05 worked on the bounce to the all time high for the September contract at 4264/67. A break above here is an obvious buy signal initially targeting 4295/99.

Minor support at 4230/25. Best support again at 4215/05. Longs need stops below 4200. A break lower targets 4180/75. A break below 4165 risks a retest of this week’s low & strong support at 4135/25.

NASDAQ almost at the next target of 14450/500 as predicted. This is the main challenge for bulls today but obviously shorts are very high risk in the bull trend despite severely overbought conditions. Bulls need a weekly close above 14550 for a buy signal at the start of next week.

There is a bearish engulfing candle on the 60 min chart which may trigger a consolidation but I would not take this as a sell signal. Therefore the downside should be limited. First support at 14300/270, better support at 14200/180. Longs need stops below 14140.

E-mini Dow Jones September through key resistance at 34000/34050 to the next target of 34180/230 as we look for 34320/340 then 34500.

I assume the downside will be limited after this week’s bullish engulfing candle. Minor support at 34050/34000. Strong support at 33850/800.

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

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