Nasdaq Futures Retest Potential Resistance At New All-Time High
Emini Dow Jones September Futures longs at first support at 25720/690 worked perfectly several times as a scalping level on the bounces to first resistance at 25890/920. We have reached as far as 26029 as I write over night.
Nasdaq September Futures held just above best support at 10470/440 & initially topped exactly at the 10650/670 target.
TODAY’S ANALYSIS
Emini Dow Jones now through first resistance at 25890/920 allowing a further recovery towards 26080/100 before a retest of 26250/280. Be ready to buy a break above 26300 targeting 26450/480, 26610/630 & perhaps as far as the 3 week high at 26750/780.
First support at 25910/890 but below here targets a buying opportunity at 25720/680, with stops below 25600. A break lower sees 25680/720 work as resistance, targeting 25530/500 & 25430/380 for profit taking on shorts.
Nasdaq retests potential resistance at the new all-time high at 10685/695, where we hit profit-taking on Tuesday. Shorts still not a safe bet. A break above 10710 then next buy signal targeting 10735/745 and 10785/795.
Failure to beat the new all-time high at 10685/695 (to confirm a short term sideways consolidation trend) targets 10640/630 with first support at 10560/530. Longs need stops below 10500. A break lower targets 10470/440, 10390, perhaps as far as a buying opportunity at 10325/315.
Dow Jones Weekly Chart
TRENDS
- Weekly outlook is positive
- Daily outlook is positive
- Short Term outlook is neutral
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