S&P 500: Strong support at 4105/00

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Emini SP 500, Nasdaq, Emini Dow Jones

Emini S&P JUNE up one day, down the next day in the sideways trend as we start to establish a sideways consolidation phase. We hit all targets as far as 4118/14 &bottomed exactly here.

Nasdaq JUNE hit strong resistance at 13870/910 but overran by just 34 ticks before prices collapsed to our targets of 13820/800 & 13720/700. We bottomed exactly here.

Emini Dow Jones held 100 ticks from the all-time high at 34140/144 & bottomed exactly at best support at 33630/600.

Daily analysis

Emini S&P meets strong resistance at 4145/50 on the bounce. Further gains can retest the all-time high at 4180/4183.5. A break higher targets 4187/88 & 4205/07.

Holding 4154/50 targets 4135 & 4118/14. Strong support at 4105/00. A break below4095 signals further losses to 4080 with strong support at 4075/70. Longs need stops below 4065.

Nasdaq holds strong resistance at 13870/910 to target 13820/800 & 13720/700 with strong support at 13640/600. Watch for a low for the day. Longs need stops below13550. A break is lower to targets 13450, perhaps as far as 13370/330.

Strong resistance again at 13870/910. The big 14000 number has held the index as expected. Obviously, a sustained break above 14050 opens the door to further significant gains, initially targeting 14170/200.

Emini Dow Jones bottomed exactly at best support at 33630/600. A break below33550 however risks a slide to 33450/440 & strong support at 33290/240. Longs need stops below 33190.

Holding best support at 33630/600 targets 33770/790, perhaps as far as 33900/920. Watch resistance from yesterday’s high at 34000/040 up to the all-time high at34140/144. This is key to direction today in severely overbought conditions. Watch for a minor double top. A break higher however targets 34220/240 & 34330/350.