S&P 500, NASDAQ, Dow Jones Daily Forecast
Jason Sen | Apr 21, 2021 06:20AM ET
E-mini S&P 500 JUNE: I have been warning about strong trend line resistance at 4170/80 this week in severely overbought conditions. We wrote: First support at 4155/50 could hold the downside but below 4145 can target 4135/30, perhaps as far as 4120/15. Strong support at 4105/00.
Once prices broke 4155/50 we hit all targets, almost as far as support at 4105/00. NASDAQ JUNE I have been warning about strong resistance at the big 14000 number for days.
E-mini Dow Jones collapsed further than expected to 33572.
h2 Today’s Analysis/h2E-mini S&P about to test strong support at 4105/00. A bounce from here on the first test is likely in the bull trend & can target 41116/18, perhaps as far as resistance at 4132/35. We should struggle to beat this level. However further gains meet strong resistance at 4145/50. Shorts need stops above 4155.
A break below 4095 signals further losses to 4080 with strong support at 4075/70. Longs need stops below 4065.
NASDAQ broke strong support at 13850/800 this time to target support at 13640/600. Watch for a low for the day. Bulls have certainly not given up yesterday! Longs need stops below 13550. A break lower to targets 13450, perhaps as far as 13370/330.
Minor resistance at 1376/780. Strong resistance at 13870/910 is the best chance of a high for the day if tested. As expected we are struggling at strong resistance at the big 14000 number. Obviously a sustained break above 14050 opens the door to further significant gains, initially targeting 14170/200.
E-mini Dow Jones first support at 33630/600. A break below 33550 however risks a slide to 33450/440 and best support for today at 33290/240. Longs need stops below 33190.
Minor resistance at 33720/750 then strong resistance at 33860/890.
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