Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
Dax 40 December longs at 16080/060 stopped below 16040 for a sell signal targeting 1a buying opportunity at 15960/930. However unfortunately we unexpectedly ran as far as 15860 before the bounce.
EuroStoxx 50 December we wrote: just completed a head & shoulders reversal pattern for a sell signal initially targeting 4310/00 then 4270/60 (a low for the day here), perhaps as far as strong support at 4240/30.
FTSE 100 December shorts at first resistance at 7240/60 worked a few times for 50 tick scalping opportunities before we eventually broke higher, so now this is today’s support.
Update daily at 07:00 GMT
Dax my buying opportunity at 15960/930 was clearly too high – apologies – I will revise to 15870/840. Try longs with stops below 15800. Very strong support at 15750/700. Longs need stops below 15650. A break lower meets the best support for this week at 15575/525.
Strong resistance at 16050/100. Shorts need stops above 16150. A break higher keeps bulls in control for today targeting 16260/280. A break above 16290 should target 16350/390.
EuroStoxx shorts work on the slide to 4270/60. Holding first resistance at 4300/10 risks a retest of 4270/60 with a fall as far as strong support at 4240/30 possible before the end of the week.
Resistance at 4300/10. Second resistance at 4330/40 but above here allows a recovery to 4375/80 before a retest of 4400/10. Anyone want to bet on a double top sell signal here? A break above 4410 however targets 4418/20 but eventually we can reach as far as 4450/55.
FTSE holding what is now first support at 7260/40 targets 7300/10, perhaps as far as 7335/40 before a retest of 7380/90.
Minor support at 7260/40 then we have a buying opportunity at 7170/50 with stops below 7135. A break lower targets 7100/7090, perhaps as far as 7040/30.
Emini S&P December longs at first support at 4670/68 unexpectedly stopped below 4660 before a bounce from 4650. Bulls remain in control with no sell signal. (Although the bearish engulfing candle is likely to signal sideways trend so ease severely overbought conditions).
Nasdaq December lower after a huge bearish engulfing candle, which is a very short term negative signal. Shorts at first resistance at 16400/450 worked perfectly, with a high for the day here. However we were buying at 16230/200, with stops below 16150…a low for the day at 16119 so unfortunately my stop was too tight with a recovery now as far as 16350.
Emini Dow Jones December shorts at first resistance at 35850/950 worked perfectly with a high for the day here, followed by buying in to longs at strong support at 35450/350 & a low for the day here. Perfect calls!!
Update daily at 07:00 GMT.
Emini S&P I am going to stick with first support at 4670/68 but a break below 4660 targets 4640 then the better support at 4630/20. Try longs with stops below 4615. The best support at 4600/4395 this week – stop below 4385. Very minor resistance at 4700/10 but above here retargets 4720/23 & 4735/40 then 4750.
Nasdaq December best support for today at 16230/180. Try longs with stops below 16100! Hopefully that gives us enough room. A break lower however sees 16180/230 working as resistance to target 16030/010 before a buying opportunity at 15900/850. Try longs with stops below 15750. First resistance again at 16400/450. Shorts need stops above 16500. A break higher targets 16550/600 before a retest of the all time high at 16630/767.
Emini Dow Jones December longs at at 35450/350 worked perfectly on the bounce to 35790, just below first resistance at 35850/950. A break above 36000 should be a buy signal targeting 36230/250.
Strong support again at 35450/350. A break lower however targets 35100/35000. Watch for a bounce from here on the first test. However a break lower meets a buying opportunity at 34800/750, with stops below 34650.
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Jason Sen, Director