US Stock Monthly iMTF™ Market Update

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US Stock Monthly iMTF™ Market Update.  The US Stock markets are continuing to go higher and higher month to month.    Let’s see what can happen after the Labor day holiday.

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.

Last month, we were consolidating around the all time high.   We broke the high and made a new high 2 days ago.   However, we are at the 127% Fibonacci extension.   We are using Fib because we are at a all.

We need price to follow through past this level.  If we can then the market can continue the bullish trend to another level.

Below is the daily chart for the $Dow futures $YM.    Last month, it was in a nice bullish trend making new high.    In the last month, it has “settled” down with price consolidating.   Until the NASDAQ, it has not broken the high this week.    It is slowly approaching the high.

Therefore, the Dow is now lagging behind the Nasdaq at this time.

Below is the $ES E-Mini Sp500 futures.   Just like the Dow futures, price is consolidating but it is at the major resistance compared to “approaching”.     Friday, it has held the major resistance so far.   Next 2 weeks is going to be critical for the Sp500 futures.

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 is in a long term consolidation pattern.   For the bottom of the consolidation pattern, there are two major supports.    We tested the first support and held.    By holding at the first support, this is strong for the bulls.

Price is now at one of the major resistances for the top of the consolidation pattern.    

In conclusion, the Nasdaq is leading all the markets again with the SP500, Dow, and Russell.   All markets are at major resistance going into the US Labor Day holiday.   Based on seasonal pattern, the markets go up after Labor Day.

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