US Stock Monthly iMTF™ Market Update

US Stock Monthly iMTF™ Market Update.  The US Stock markets are continuing to go higher and higher month to month.     Let’s examine to the charts to see where price can go to before going through a pull back.

Since the markets are going higher month to month, we are going to focus on the daily time frame to find the major support/resistances.

All the charts are provided by NinjaTrader.

We are first going to look at the daily chart for the $NQ Nasdaq futures.  The reason is that $Nasdaq has been leading the markets higher since beginning of the year.    As a result, we will see if this is still the case.

The chart is showing some weakness.   We have a multiple time frame resistance at 5920.25.   This resistance developed just after we broke the last high from June.   We broke the June high by just a little and then a resistance developed.   This is not a good sign at all.     This increases the probabilities of the supports being broken.  We have show the minor support and major support at 5778.00.

Below is the daily chart for the $Dow futures $YM.     It shows the Dow futures are very strong.   It has a day/swing resistance but that is minor since are examining a daily time frame.   As a result, the Dow futures is stronger than the $Nasdaq.

Below is the $ES E-Mini Sp500 futures.   It doesn’t have a resistance like the $Nasdaq but it is not as strong as the Dow futures because price has been consolidating at the major resistance.  The resistance is from the 1.681 on the weekly time frame.   Fibonacci extensions were used to determine resistances since we are making new high’s and there is no previous price action to indicate past resistances.

The charts shows the current support and resistances.

Below is the $TF Russell Futures chart.   The $Russell futures has been weaker of all markets.    You can see from the charts.    The market broke out to new high and then reversed.    The market is basically consolidating.

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About the Author Manesh Patel