Forecasts & Analysis | Indices, Page 3

Based on the early price action and the current price at 7433.50, the direction of the June E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the 50% level at 7410.25.

Based on the current price at 26006, the direction of the market the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 25898.

Based on the early price action and the current price at 2879.75, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the Fibonacci level at 2872.50.

The S&P 500 gapped lower to kick off the week but has spent most of the time since then rallying rather significantly. That being the case, it’s very likely that we are going to see significant bullish pressure.

Although we got very poor jobs number during the trading session on Friday, the reality is that people are looking for reasons to buy stocks. The fact that the Federal Reserve looks likely to step away from its tight monetary policy gives more of that good old “monetary methadone” that

A Thursday speed bumps? Economic data out of the EU and U.S and trade war chatter remain the key drivers today.

Markets begin to price in additional rate cuts

Based on the late session price action, the direction of the June E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the 50% level at 7291.25.

Based on the late session price action, the direction of the June E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the 50% level at 25652.

The S&P 500 went back and forth during the trading session on Thursday, as we tested the 50 day EMA and of course the previous uptrend line. That being the case, the market certainly has a lot to think about in the short term.

Based on the early price action, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 2824.25.

An early look at the action suggests investor indecision as traders await the outcome of several key events. Therefore, trader reaction to yesterday’s high at 7245.25 will set the early tone.

It’s a busy day ahead. While any chatter on trade will move the majors, Draghi and economic data out of Germany are also there to consider.

Today’s rally is being driven by strong upside momentum. If this momentum continues into the close then look for a potential drive into the 50% level at 25652, followed closely by a downtrending Gann angle at 25766.

Based on the current price at 2824.25, the direction of the June E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the short-term 50% level at 2811.25 and the short-term Fibonacci level at 2831.00.

We are suggesting that the early move into a protectionist stance by professional traders may be about to experience some extreme pressures.

The S&P 500 rallied a bit during the trading session on Wednesday, reaching towards the bottom of the uptrend line that I have marked on the chart. The fact that we gave back a bit against there is somewhat interesting.

The European majors found support from FED Chair Powell and the willingness of China to return to the negotiating table. The day ahead could get choppy.

Dovish Fed comments help buoy equity markets

The daily chart indicates there is plenty of room to the upside with the next target the 50% level at 25652. On the downside, the nearest support is a long-term uptrending Gann angle at 25058.