Emini SP 500 – Nasdaq May 16, 2019
selling opportunity at 2850/60, with stops above 2875 today. Losses are expected, targeting minor support at 2835/38 then 2823/20 and key support at 2810/05. Longs need stops below 2799. A break lower is an important sell signal targeting 2790/89 and support at 2779/76. On further losses look for 2766/63, perhaps as far as 2758/56.
Above 2875 is a buy signal targeting a selling opportunity at 2900/05, with stops above 2910.
key to direction is the 7510/15 area. If we unexpectedly hold above here look for 7550. A break higher targets 5770/80 and could fill the gap at 7610/15.
Holding below 7500 is more negative targeting minor support at 7470/65. Below 7460 look for 7420 and then support at 7395/90. Below 7370 targets 7320 before the 7290 low. A break lower is an important sell signal targeting 7275 then 7235/25, perhaps as far as strong support at 7170/60. Longs need stops below 7130.
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