Emini SP 500_Nasdaq Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

30 Apr, 2020
Emini S&P & Nasdaq JUNE Futures

Emini S&P we wrote: do we hold above or below 2875/85? Above obviously targets 2900/02 then 2911/13. If we continue higher look for 2925/30.

We initially hit 2905 but the dip bottomed exactly at 2880 signalling bulls were in control (despite what my common sense tells me). We only paused at 2925/30 before reaching 2959.75.

Nasdaq rocketed through the April recovery high at 8963/67 & if you were quick enough to jump in to a long, we shot higher to the first target of 9090/99 for a decent 100+ point profit. The next leg higher in the recovery has started!

Today’s Analysis

Emini S&P bulls (unbelievably) remain in control targeting 2973/76 & minor resistance at 2883/85, probably as far as 2992/96. Key resistance at 3005/15 in to the end of the week.

Despite overbought conditions the downside looks likely to be limited. First support at 2930/25 but below 2915 meets a buying opportunity at 2885/75, with stops below 2865.

Nasdaq rockets to 9090/99 & as far as 9118. We are less than 700 points from the all time high despite what is expected to be the biggest economic contraction in a century. Further gains look likely to 9155/60 & 9220/30, perhaps as far as 9280/90.

Downside expected to be limited in the short squeeze despite overbought conditions with first support at 9050/40 but below 9020 risks a slide to a buying opportunity at 8960/40 with stops below 8910.

Trends

Weekly outlook is positive Daily outlook is positive Short Term outlook is positive

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.