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Emini S&P September futures lower on the important data.Note we closed below the 100 day moving average at 5408The low & high for the last session were 5394 – 5532. Emini Nasdaq September collapsed to 18340Last session high & low for the SEPTEMBER futures contract: 18340 – 18972. Emini Dow Jones September has a potential double top sell signal after the collapse from the new all time high at 41682 & on Friday we fell as far as 40264.Last session high & low for the SEPTEMBER futures contract: 40264 – 41080. Emini S&P September futures Emini S&P broke the best support at 5470/60 as we look likely to form that right shoulder. It appears that the path of least resistance is to the downside, with a weak employment number triggering losses on Friday. 2 months ago that would have trigger strong gains with speculation of deep interest rate cuts, but now it looks like the market is increasingly worried about the economy. Therefore further losses look likely this week unless we start to see stronger economic data. Core inflation & CPI out on Wednesday so a higher than expected number would likely be catastrophic for stock markets. I think shorts are the safest bet, with resistance at 5455/65 & shorts need stops above 5575.Resistance again at 5495/5505 & shorts need stops above 5515. A break below 5390 (Friday’s low was 5494) targets 5370 & support at 5350/45. Bear in mind that even if we are building a bear trend (& I think we are) there will be very strong bounces at support levels.Bulls never give up & buying the dip has worked for too long for them to stop now!! Nasdaq September futures I have been warning & watching for the formation of a right shoulder in a 6 month…

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Filed under: News - @ September 9, 2024 7:21 am