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MORNING MINUTE EQUITIES, FUTURES & OPTIONS MAY 18thUS Philly Fed Business Indx* (May) -10.4 vs. Exp. -19.8 (Prev. -31.3)

Darren Krett

Thursday, 18 May 2023

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US Philly Fed Business Indx* (May) -10.4 vs. Exp. -19.8 (Prev. -31.3) facebookUS Philly Fed Business Indx* (May) -10.4 vs. Exp. -19.8 (Prev. -31.3) twitterUS Philly Fed Business Indx* (May) -10.4 vs. Exp. -19.8 (Prev. -31.3) linkedin

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DAY TRADE IDEAS MAY 18th

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Equity Index

Emini SP 500, Nasdaq, Emini Dow Jones

18 May, 2023

Emini S&P June broke out of the 60 points range & should meet strong resistance at 4200/4210 again. I am watching to see if a head & shoulders forms on the short term chart, but the neck line is at 4055/4050, so it could be a long wait in these conditions. Nasdaq June unexpectedly soars through resistance at the 100 week & 500 day moving averages at 13460/480.

Today’s Analysis.

Emini S&P June should have support today at 4145/35. Longs need stops below 4125. Targets for longs: 4165 & 4175. A break below 4105 should be a sell signal targeting 4085. We should have strong resistance at 4200/4210 again. (Shorts have worked here before). A weekly close above 4210 tomorrow night should be a buy signal. Nasdaq June beat strong resistance at the 100 week & 500 day moving averages at 13460/480 with shorts stopped above 13530 on Tuesday. A low for the day exactly at 13460/480 yesterday & if you managed to buy in to a long, the break higher can target 13730/750. (We reached 13669 yesterday). Obviously we have support at 13460/480 again today. Longs need stops below 13400. Emini Dow Jones June retested the key level on the downside, the May low at 33000 with a bounce from here beating resistance at 33320/370. We held the short term 38.2% Fibonacci level of 33500/550. In these choppy sideways conditions I am not going to try to guess direction today. A break higher meets what should be strong resistance at 33660/690. Shorts need stops above 33750. I would take a break above here as a buy signal targeting 33840 then 34000. If you want to try to scalp the short term 38.2% Fibonacci level of 33500/550 look for a profit taking target of 33350/300. If we continue lower we could retest 33050/33000. Please email me if you need this report updated or Whatsapp: +66971910019

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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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