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S&P500 Futures Analysis- 19Apr2024

S&P500 futures have been correcting the whole of this past week, and have come to their key support level of 5000. The momentum (CCI indicator) is in oversold area, where maximum price damage/correction happens at a high speed. Fresh long trades will be possible once the momentum (CCI indicator) starts recovering. Upside target of 5200 is visible once price recovery starts. We can expect resistance at 5200 level, which was earlier acting as support.

Nasdaq Futures Analysis- 19Apr2024

Nasdaq100 futures have corrected from about 1500 points in the last one week from 18,600 to 17,100 because of the fears of escalating war in the middle east. The Nasdaq futures are in oversold zone now as per the very reliable momentum indicator (CCI indicator). This is an area of rapid price correction, and we have to wait for the momentum indicator (CCI indicator) to start moving up from this oversold zone.

The Nasdaq futures have a strong support at 17,000 level and we can expect a reversal around current levels. Once the reversal starts, Nasdaq futures can recover till at least 17,800 before facing resistance, and 18,000 level will also present strong resistance.