US Stock Markets Recover as Expected: Long-Term Bull Trend Remains Intact
Jason Sen | Mar 28, 2024 04:31AM ET
1. Emini S&P June futures bounce from 5263 to recover 3 days of losses.
2. Emini Nasdaq remains in a sideways consolidation for a month, as we fail to breakout above the all time high. Although we beat 18691, we quickly reversed from 18709.
3. Emini Dow Jones June futures hit a short term on Friday to ease short-term overbought conditions.
h2 Emini S&P/h2Emini S&P bulls remain in control, with buying the dips still the winning strategy, despite the market looking tired and I believe entering an overdue sideways consolidation.
- A break above the May Contract and all time high at 5323 this week targets 5338/42.
- Obviously, I remain a buyer on any weakness in the unstoppable bull trend.
- First support at 5258/53, but below 5250 meets strong support at 5245/35. Longs need stops below 5225.
- If we collapse further, the best support for this week should be at 5195/85 and longs need stops below 5170.
Nasdaq June futures unable to sustain a break above the previous all time high as we reverse from 18709. At this stage it looks like we continue to form a sideways consolidation. Indeed in the last 4 days we have held a range of only 250 ticks from yesterday's low at 18378 up to Friday's high at 18626.
- We continue to see prices chopping up & down in a sideways consolidation for a significant period of time as predicted.
- There is definitely no sell signal & I see this as a pause in the bull trend.
- If we do see a convincing break higher we can look for 18810/850 and 18910/930 then 19000.
- We should have strong support at 18330/300 and longs need stops below 18200.
- Our long at support at 39740/690 worked perfectly yesterday as we shot higher to my targets of 39940/980 & 40170/200, with a high for the day exactly here.
- An easy 450 ticks profit on the week.
- If we continue higher today, after such strong gains, look for a retest of the all time high at 40316.
- On a break higher look for my next target of 40450/490., perhaps as far as 40610/630.
- Strong support again at 39740/690 and longs need stops below 39600 for Emini Dow Jones.
Targets again are: 39940/980 & 40170/200.
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An unexpected break lower however risks a slide to 39450/400.
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