S&P 500, NASDAQ And Dow Jones Forecast

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September weekly close above 4268 leaves a bullish engulfing candle on the weekly chart as we warned on Friday, which starts this week with a buy signal. The close near the new all time high at 4277 was another positive signal.

We hit 4282 yesterday.

September hits our next target of 14450/500.

September unexpectedly sold off (despite the other US markets pushing higher) as far as our lower target of 34130/100.

Today’s Analysis

E-mini S&P ends the week with a buy signal & as expected we push higher to 4277/78, almost as far as 4284/85 and look for 4295/99 perhaps later in the week. Downside is expected to be limited with minor support at 4260/55 (we held 5 points above here yesterday) & best support at 4240/30. Longs need stops below 4220.

NASDAQ hit the next target of 14450/500 as predicted. This is the main challenge for bulls this week but obviously shorts are very high risk in the bull trend despite severely overbought conditions. Bulls need a break above 14550 for the next buy signal targeting 14590/600 & 14660/680.

The downside should be limited in the strong bull trend. First support at 143420/380 but longs need stops below 14320. Next target and strong support at 14240/220. Longs need stops below 14190.

E-mini Dow Jones September unexpectedly sold off to as far as 34130/100. This is the best support for today but longs need stops below 34000. A break lower can target 33880/850. Longs need stops below 33800.

S&P 500 Chart

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