The bull is feeding on itself

For today I would like to give you a review and only a near-term forecast for the next 10 trading days or so for quite easy to read and trade markets at the moment, as I will skip the next Sunday edition of the free GUNNER24 Forecasts, because I will take a few days off to relax: S&P 500 Emini (ES #) – NASDAQ-100 Emini (NQ #) .

The major bull market continuation signal in the US stock markets, worked out and recognized in the last issue with the help of the ES #, has fully established itself since it was a bullish week for US equity indexes, with net weekly gains ranging from +5.8% (Transports) to +2.4% (S&P 500).

Dow Jones Industrial Average Index fired an always widely-recognized Golden Cross. Overall, the Dow Jones Industrial Average, the small and mid caps segments and the S&P 500 present now somewhat stronger than the Tech Indexes, which are already well ahead and have already reached new alltime-highs. This new found market breadth in the US is actually a very credible sign that the August main target of 3475 pts for the ES #, calculated in the June 7th issue (Just playing long ball, ma`am), could still be achieved.

Before that, however, there is still the important & due 3359 pts alltime-high resistance GUNNER24 Threshold that was identified in last Sunday's edition – click here on blue or on chart below to re-read this for sure very important US stock market forecast – as a mandatory uptarget for the August. Bingo time for ES # 3359 pts will be tomorrow/Monday at the very latest early-Tuesday. And then we have to observe carefully how the price reaction will be at the VERY FIRST BACKTEST of the alltime-high resistance arc ...

ES # on Friday settled at 3347.25 pts after a late rally into close that was hardly thought possible. So the market again settled at fresh rally highs and therefore is in killing striking distance to the lower line of 1st ATH resistance double arc within above monthly 32/33 Candle GUNNER24 Up Setup.

And I predict one with quite high effectiveness. The market will have to react quite negatively to the 3357-3363 August 2020 Big Bear range. This is what monthly arc resistances on alltime-high base usually do at very first backtests. They usually trigger a visible, tangible and often for the bulls very unpleasant downer.

My expectations for the week are: Bull Monday will test 3359 alltime-high resistance arc and perhaps has to dent the 3359 pts by small amount. In course of a then following „Turnaround Tuesday“ an at least 40 pts sharp pullback/dip will be triggered. The after 3359 pts work off triggered daily downleg might run for 2, 3 to max. 4 trading days, then ES # will be turning up again for A) finally breaking 3359 pts to the upside, followed by B) a 3400 pts hit towards end of August 2020!

The then probably next best maybe even PERFECT long-entry into this ES # rally with obvious 3400 pts uptarget should be delivered by the next week NQ # bear extreme. The short-term path of which is incredibly concrete ahead of us.

NASDAQ-100 Emini (NQ #) view and near-term forecast

I've been in this business for so long now but I can't really remember a Tech Stock rally ever looking so healthy as it is a broad-based heavy-momentum run fuled by nearly any major important Tech Stock Leader and at the same time in the 2 most important sectors of the Tech World what are the semi`s and the software businesses.

We are actually able to observe countless powerful, cause quite sustainable looking buy signals in many Tech Places - regarding the GUNNER24 Method, but also regarding the pure chart technique.

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