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Emini SP 500 – Nasdaq

Emini S&P JUNE has almost doubled from the 2020 March low in the best year ever for the US stock market as we hit 4076.

Nasdaq JUNE we wrote: topped exactly at the next target of 13650/680. We are very overbought now so there is the risk of some mid-week profit taking. First support at 13550/530…

Initially we headed lower as predicted & the low for the day was just 17 ticks below here.

Daily analysis

Emini S&P severely overbought so come mid-week profit taking is possible with first support at 4060/55 & better support at 4045/40. Further losses however can target 4025/20.

Above targets 4085/90, Perhaps as far as 4105/10.

Nasdaq making a break above 13680 this morning to target 13710/730 & the all-time high of 13850/899. Obviously, a sustained break above 13900 is a positive signal, initially targeting the big 14000 number. A weekly close above here tomorrow night would be another obviously positive signal for next week.

First support at 13620/600 but below here can target strong support at 13530/500.