The recent market movements have been quite volatile, with significant shifts in various futures contracts. Let’s break down the key points:

Emini S&P September Futures

  • The Emini S&P broke below the 10-day range, hitting targets at 5540/30 and potentially moving towards 5500/5490.
  • There is a possibility of forming a head and shoulders pattern with a neckline at 5180/50, with resistance at 5540/50.
  • Longs should consider stops below 5450 to manage risk.

Nasdaq September Futures

  • The Nasdaq faced a 10% collapse in Nvidia, leading to a sharp decline.
  • A potential head and shoulders pattern is forming, with support levels at 19065/025 and 18880/830.
  • Short-term oversold conditions could trigger a bounce from 18880/18830.

Emini Dow Jones September Futures

  • A double top pattern could lead to a move towards 41160/100 & 40950/900, with short-term support at 40700/650.
  • Recent movements hit targets at 41160/100 and 40950/900, with potential resistance at 41150/200 and 41350/390.

Overall, the markets are showing signs of volatility and potential patterns that could impact trading strategies. Traders should be cautious and consider risk management strategies to navigate these uncertain times.

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