E-mini Severely Overbought, NASDAQ Still Rising
Jason Sen | Apr 08, 2021 04:29AM ET
E-mini S&P JUNE has almost doubled from the 2020 March low in the best year ever for the US stock market as we hit 4076.
Nasdaq JUNE we wrote: topped exactly at the next target of 13650/680. We are very overbought now so there is the risk of some mid-week profit taking. First support at 13550/530…
Initially we headed lower as predicted and the low for the day was just 17 ticks below here.
h2 Today’s Analysis/h2The E-mini S&P is severely overbought, so come mid-week, profit taking is possible with first support at 4060/55 and better support at 4045/40. Further losses however can target 4025/20.
Above targets 4085/90, perhaps as far as 4105/10.
NASDAQ making a break above 13680 this morning to target 13710/730 and the all time high of 13850/899. Obviously a sustained break above 13900 is a positive signal, initially targeting the big 14000 number. A weekly close above here tomorrow night would be another obviously positive signal for next week.
First support at 13620/600 but below here can target strong support at 13530/500.
h2 Chart/h2No 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 realized. 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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