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.