E-mini S&P 500 Futures
The E-mini S&P 500 tested downside targets at 6700/6690, with strong support around 6680/6670. While the market briefly dipped to 6656, long positions that held saw a swift 100-point recovery to 6765.
- Resistance: 6770/6780; a rejection here could pull prices back to 6730/6720.
- Support: 6680/6670; stops for longs advised below 6650.
- Buy Signal: Break above 6790 targeting 6840/6850.
- Sell Signal: Break below 6650 indicates short-term downside risk.
This suggests the downside correction may be over, with bulls gradually regaining control.
E-mini Nasdaq Futures
Nasdaq futures found strong support at 25050/24950, briefly dipping to 24709 before bouncing back. The day closed near the high of the bounce at 25228, signaling potential strength for the week ahead.
- Resistance: 25300/25400; a rejection could pull back to 25100/25000.
- Support: 25000/24900; stops for longs below 24750.
- Buy Signal: Break above 25450 targeting 25550 then 25700/25800.
- Sell Signal: Daily close below 24800 or break above 25900 would indicate key shifts in momentum.
The market is recovering from the correction, with initial resistance levels likely to determine the next move.
E-mini Dow Jones Futures
Dow futures tested strong support at 46500/46400, reaching a low of 46574, just missing the ideal buying zone. Bulls are expected to regain control, though stops below 46250 are advised.
- Resistance: 47150/47300; break above 47350 would target 47580/47610.
- Support: 46500/46400; longs should manage risk carefully.
The correction appears to be near its end, with potential upside if key resistance levels are broken.
Overall, US futures show signs of bullish recovery after recent downside moves, with short-term support levels holding and upside potential on confirmed breakouts.