The S&P500 Emini Futures (ES) are at 3852 and trying to take support at the 10 Day SMA. However, the Momentum Indicator (CCI) is coming down, which indicates downward pressure on the futures can easily go down to 3800 to test lower levels and also break 10 Day SMA. So this is not looking like a safe place for long positions. Sell position can be considered on a closing below 3800 for target 3700 and stop 3850. Upside targets above 3850 is 3900-3950. There is strong selling pressure above 3950-4000.
Nasdaq Futures (NQ) are at 11,884 and they are trying to take support at 10 day SMA, but the Momentum Indicator (CCI) is indicating weakness and selling pressure, so we should be read to see some more correction of 100-200 points. There is clear resistance at 12,150 level and the Nasdaq Futures have failed twice at that level in recent days.We have also seen strong support at 11,400 level multiple times in recent days. The Momentum Indicator (CCI) made a new high in recent days, even though price did not go up much, and that’s a positive, and we could see a rally in July to test 12,400 level, so we can take that as near term Nasdaq100 target.
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