Emini S&P faces resistance at 4200/4210 amidst sideways trend [Video]

Emini S&P faces resistance at 4200/4210 amidst sideways trend [Video]

Time Stamp: April 19, 2023 5:03 AM
Source Node: 2593790

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Emini S&P June made a high for the day only 2 points from strong resistance at the February high & 100 week & 500 day moving average resistance at 4200/4210.

This is the is the most important level of the week.

Nasdaq June edges a little higher.

Emini Dow Jones June stuck in a short term volatile sideways trend.

Daily analysis

Emini S&P June tests the February high & 100 week & 500 day moving average resistance at 4200/4210. Try a short with stop above 4230. A break higher (& holding above 4200) is an important buy signal this week (obviously!!). 4300 is a reasonable target.

Minor support at 4165/60. I do not suggest a long. A break below 4150 is a sell signal targeting good support at 4110/00. Longs need stops below 4090. A break lower is an important sell signal.

Nasdaq June edged a little higher to 13298. Further gains in the April sideways trend can retest the April high at 13330/350. A break higher from here meets strong resistance at 13480/520. Shorts need stops above 13560.

Strong support again at 13000/12950. Longs need stops below 12900. A break lower can target 12740/700.

Emini Dow Jones June bulls need to hold prices above the 4 month descending trend line at 34100/34000 for a buy signal targeting 34280/290 & 34500.

However bear in mind we are severely overbought after a 3000 point gain in just 1 month. A break below 33850 signals the 4 month trend line has held & is likely to see further losses to at least 33600.

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