S&P 500, NASDAQ, Dow Jones Daily Forecast
Jason Sen | Jun 04, 2021 07:13AM ET
E-mini S&P JUNE has been trading sideways for 2 months. However I cannot see a negative pattern forming, so this is likely to be a consolidation in the bull trend. We broke first support at 4195/90 but bottomed exactly at the next target of 4170/65. Longs worked on the bounce to 4190/95.
NASDAQ JUNE finally breaks first support at 13650/600.
Dow Jones broke first support at 34600/500 but bottomed exactly at the next target and support at 34300/34200.
h2 Today’s Analysis/h2E-mini S&P holding first resistance at 4190/95 retests good support at 4170/65. Longs need stops below 4160. A break lower is a sell signal targeting 4140/35, perhaps as far as 4120/10.
Minor resistance at 4190/95 but above 4200 allows a recovery towards more important resistance at the all time high at 4233/38. A break higher targets 4260/65.
NASDAQ holding first resistance at 13600/650 retests short term moving average support at 13480/460 with best support at 13380/350 today. Longs need stops below 13300. A weekly close below here is more negative for next week.
Shorts at first resistance at 13600/650 stop above 13700. A break higher is a buy signal with a break above this week’s high at 13773 and 13818 signalling further gains.
E-mini Dow Jones holding first resistance at 34550/650 means we are likely to retest support at 34300/34200. Longs need stops below 34100. A break lower can target 33900/880 & 33650/600. Further losses can retest 2 week lows at 33450/400.
First resistance at 34550/650 But above 34700 can target 34800 before a retest of the all time high at 34900/35000.
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