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MORNING MINUTE EQUITIES, FUTURES & OPTIONS MAY 9thEND OF DAY REPORT MAY 9th

Darren Krett

Tuesday 9 May 2023

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DAY TRADE IDEAS MAY 9th

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Equity Index

Gold has serious triple top risk with last week's high for the week at the all time high. I am waiting for a break below 2 support levels for a sell signal.

Gold has key support at 2010/2005. There is support again at 1995/1990. A break below here should be an important sell signal initially targeting 1970/65.

Holding above 2010 can retest yesterday's high at 2027/30. Further gains target 2043/46. Above 2050 can retest the triple top at 2067/72.

Silver has double top risk in silver.

Again I am waiting for a break below 2 support levels for a sell signal.

First support at 2525/20. Longs need stops below 2515. A break lower is a sell signal targeting support at 2470/60. Longs need stops below 2440. A break below here is a more important sell signal for this week & can initially target 2375/70.

Obviously we have resistance at the double top 22605/15. Bulls need a break above 2620 for a buy signal this week.

Emini SP 500, Nasdaq, Emini Dow Jones

Emini S&P June trapped in a frustrating, volatile, trendless sideways pattern. Nasdaq June could not hold a break above the April high so we have a potential double or even triple top sell signal...as long as we hold the recovery highs at 13330/370. We have shot higher to retest the recent highs at 13350/370 & held in the frustrating volatile, trendless market. Emini Dow Jones June shot higher to to test what should be strong resistance at 33800/900. Shorts need stops above 34000.

Today’s Analysis.

Emini S&P June again meets strong resistance at 4200/4210. Shorts can target minor support at 4130/20 perhaps as far as 4075/70 . We should find strong support at 4050/40 this week. Longs need stops below 4030. A break lower is a sell signal targeting 4010/50, perhaps as far as 3090/85. A break above 4230 is a buy signal. Nasdaq June all over the place but going nowhere. I cannot find reliable trading levels in this mess so I will wait for an opportunity, but a break above 13390 triggers a test of the 100 week & 500 day moving averages at 13460/480. Emini Dow Jones June unexpectedly shot higher to what should be strong resistance at 33800/900. A high for the day exactly here in fact. Shorts need stops above 34000. A break higher could retest 34300/360 Targets for shorts are 33700, 33550, perhaps as far as 33350. WTI Crude (June) double bottom buy signal after Thursday's bullish hammer candle at the longer term support level at 6525/6360 on the weekly chart has triggered significant gains.

I hope you managed to get in to a long position in time.

The bullish morning star candle pattern was another buy signal & yesterday we shot higher to my next target of 7340/70 with a high for the day exactly here.

So far so good!! Where next? A break above 7400 should be a buy signal for today targeting strong resistance at 7560/7600. A high for the day is likely. Shorts need stops above 7660.

Failure to beat my next target of 7340/70 risks a slide to 7230/10. If we continue lower look for support at 7140/20. Longs need stops below 7090.

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05 May, 2023 Emini S&P June has seen a big move to the downside from strong resistance at 4200/4210 exactly as predicted this week to te
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DAY TRADE IDEAS MAY 4th-image

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Thursday 4 May 2023

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https://youtu.be/2g8gP0IZwOs Emini S&P June we got a second chance to sell in to shorts at strong resistance at 4200/4210 which are work

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