The S&P 500 Futures have been meandering sideways over the past seven sessions, caught in a narrow range between 5756 and 5820, showcasing a distinct lack of momentum.
Amidst this backdrop, the Emini Nasdaq December contract swooped into my designated target zone of 42350/250, offering a clear buy signal with a trading range oscillating between 20056 and 20287.
Similarly, the Emini Dow Jones December futures saw long positions at 42350/250 materialize triumphantly, hitting all defined targets by the closing bell as the session swung between 42245 and 42715.
The Emini S&P September Futures clutched tightly within an 85-point range last week, wrestling to ascend in overemphasized conditions. Operating short in this robust long-term bull trajectory remains perilous sans a confirmed sell-off indication.
While oscillating without definitive signals, a potential upward trail may encounter resistance at 5875/85 and reach as high as 5900/05. Navigating this low-volatility environment calls for tactical buys at support levels, paired with swift profit-taking actions.
Nonetheless, a recent dip saw figures tumbling below the 5775/5770 support tier, landing eventually at 5756 before staging a bounce-back, aligning with prior projections.
In the event of further descent today, robust support is anticipated at 5745/35, necessitating long positions to safeguard against plunges beneath 5730. Potential upside pinnacles loom around 5755 and 5765.
In the scenario of a downward spiral this week, the next objectives lie at 5695/90, bolstered by additional support at 5680/70. Long positions in this landscape necessitate stop placements below 5660.
Nasdaq September Futures Analysis
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Ascending past the August pinnacle of 20217/251 led to hitting my forecasted marks of 20330/340 & 20400/430, though falling short of 20600 thus far, with the zenith of the week peaking at 20538.
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Finding solace at the 20250/150 support frontier recently, long positions call for protective measures below 20050.
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If the trajectory veers downward this week, a robust safety net awaits at 19900/800, prompting a defensive position safeguarded against plunges below 19700.
Emini Dow Jones September Futures Overview
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Projections signal a likelihood of capped gains in heavily overbought territories, yet no sell-off signals are emanating, signaling a predisposition towards buying amid profit-taking maneuvers.
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Correcting down to the support level at 42350/250 as anticipated manifested as a lucrative buying opportunity, with long positions necessitating protective points below 42150 upon retesting.
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Immediate targets of 42500 and 42650 were promptly achieved, encapsulating both the day’s trough and zenith.
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In the scenario of a downwards shift this week, a potential decline looms towards 42000/41900, accentuated by extended support at 41800 demanding long positions to place stop orders below this threshold.
