US stock index futures roll to September expiry this week
The E-mini S&P 500 September contract is trading about 4 points above the June contract. The Nasdaq 100 September contract is trading about 27 points above the June contract. And the E-mini Dow Jones September contract trades only 5-8 points above June.
Let’s look at the short-term trading levels for the September contracts.
If the E-mini S&P holds first support at 2890/89 we target 2895/96, 2900/02 and perhaps as far as 2908/10 before the high at 2915/16. The next target is 2920/22.
If first support at 2890/89 fails and we move below 2885 we risk a slide to 2880/79 and strong support at 2874/72. Long positions need stops below 2868 to target 2860/58.
The Nasdaq 100 has minor support at 7530/25. Holding above this level targets 7560/65 and 7600/05 before the recovery high at 7626. A break higher targets 7645/50 and 7660/65.
A move below this minor support level targets 7510/05 and 7485/80 before a buying opportunity at 7472/67, with stops below 7460.
The E-mini Dow Jones offers minor support at 26045/025 but a move below here targets 25980 & strong support at 25900/885. Long positions need stops below 25840. A break lower targets 25770/765, then 25650/635.
We are holding above 26120/130 as I write, to target minor resistance at 26245/280. A move above 26300 targets 26375/385. A break above 26400 targets 26465/475.
Technical Analyst & Trader
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