28 March
Emini S&P June futures bounce from 5263 to recover 3 days of losses.
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.
Emini Dow Jones June futures longs at support at 39740/690 worked perfectly yesterday as we shot higher to my targets of 39940/980 & 40170/20
Emini S&P: bulls remain in control, with buying the dips still the winning strategy, despite the market looking tired & I believe entering an overdue sideways consolidation.
A break above the May Contract & 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 & 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 & 18910/930 then 19000.
We should have strong support at 18330/300 & longs need stops below 18200.
Emini Dow Jones June.
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 & longs need stops below 39600.Targets again are: 39940/980 & 40170/200.
An unexpected break lower however risks a slide to 39450/400.
With almost 40 years experience, Jason Sen began trading his own account on the floor of the London International Financial Futures Exchange at the age of 19, in 1987. He spent 15 years specialising in market making interest rate and index options on floor then moved on to trading forex on screen at the turn of the millennium. He is also recognised as a skilled technical analyst developing this expertise for the last 20 years.
His extensive trading experience from the LIFFE trading floor to screen trading and deep understanding of technical analysis give him a thorough understanding of the financial markets and the factors that drive them.
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