Emini Dow Jones: Could still be forming a head and shoulders top
Emini Dow Jones & Nasdaq JUNE futures.
Emini Dow Jones could still be forming a head & shoulders top but ideally we should top around the left shoulder at 24300/350.
Nasdaq beats 9140/45 for a new recovery high as we move above 9200.
Daily Analysis
Emini Dow Jones could still be forming a head & shoulders top but ideally we should top around the left shoulder at 24300/350. A break above 24150 targets 24300/350. Shorts need stops above 24450. A break higher targets 24550 & 24650/680.
initially targeting 22850/820.First support at 24000/23900 with better support at 23800/750. Longs need stops below 23650. A break below the head & shoulders neckline at 23450/400 is our medium term sell signal. A break below support at this week's low at 23200 is obviously the next sell signal, initially targeting 22850/820.
Nasdaq now targets 9220/25 & meets resistance at 9275/85. A break above 9300 targets 9330/35.
First support at April's high of 9145/40. Longs need stops below 9125. A break lower meets support at 9065/55. Stop below 9025.
Trends
Weekly outlook is negative.
Daily outlook is positive.
Short Term outlook is neutral.
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