US Stock Market Corrects After Recent Warning Signals: What's Next?
Jason Sen | Apr 16, 2024 04:14AM ET
-
Emini S&P June futures made a high for the day at resistance at 5200/5210 then collapsed to support at 5155/45 for 50 to 60 points profit-taking. However, we broke & held below 5140 which was an important short-term sell signal. First target of 5100 has been hit as we look for 5080/70 and perhaps as far as strong support at 5050/40.
-
Emini Nasdaq broke my buying opportunity at 18050/18000. We wrote: A break lower is looking likely eventually and would be a short-term sell signal targeting 17840/830 and 17680/670 for profit taking on shorts. If you reversed into a short on the break, we have hit the 1st target of 17840/830.
-
Emini Dow Jones June futures formed a 3rd bearish engulfing candle on the daily chart before a collapse on Friday to 38132. Yesterday I wrote: I believe the other 2 markets will follow the Dow Jones lower. Looks like I was right again!!!
-
Resistance at 5145/55. Shorts need stops above 5160.
-
Further losses are possible however as far as a buying opportunity at 17640/580 and longs need stops below 17500. Targets: 17830, 17950
-
Obviously, we have strong resistance at 18,000/18,100 and shorts need stops above 18,200.
-
However, losses as far as 37500 cannot be ruled out.
-
We did have resistance at 38460/500 and shorts needed stops above 38600. We overran a little to 38,637 but if you held the short position it certainly did work.
Emini S&P: headed lower breaking 5140. First target would be 5100 then 5080/70 and strong support at 5050/40.
Nasdaq June futures: collapsed breaking my buying opportunity at 18050/18000 for a short-term sell signal targeting 17840/830 and 17680/670 for profit taking on shorts.
Emini Dow Jones: June broke support at 38520/460 this time targeting 38250, 38100, and 38000, which were hit yesterday.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.