Emini S&P 500, Nasdaq Daily Forecast: June 9, 2020
Jason Sen | Jul 09, 2020 02:52AM ET
Emini S&P September Futures in a choppy consolidation phase as we enter a sideways trend. Support at 3138/35 worked perfectly as a scalping level with only 1 spike lower to the next target of 3126/23 during the day.
Nasdaq September Futures held just above best support at 10470/440 & initially topped exactly at the 10650/670 target.
h3 Today’s Analysis/h3Emini S&P longs at support at 3138/35 work as we re-target 3144/45, minor resistance at 3154/56 & almost as far as 3172/74 as I write overnight. We could continue higher to 3182/84 before resistance at 3 week highs at 3193/96. A break above 3200 targets 3210 & resistance at June recovery high at 3227/31.
I would suggest minor support at 3156/54 but below here targets 3145 then support at 3138/35 for another scalping opportunity. If we continue lower look for 3126/23 then a buying opportunity at 3110/05, with stops below 3100. Bears need a break below 3090 for a short term sell signal.
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 & 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.
- Weekly outlook is positive
- Daily outlook is positive
- Short Term outlook is neutral
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