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 very strong support at 15750/700 worked perfectly.
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.
That call could not have been more accurate with a low for the day at 4240/30. A potential profit of up to 100 ticks.
FTSE 100 December broke minor support at 7260/40 but held 18 ticks above the buying opportunity at 7170/50
Update daily at 07:00 GMT
Dax longs at strong support at 15750/700 worked perfectly on the bounce with resistance at 15950/16000 for some profit taking. 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. Minor support at 15880/860. Very strong support at 15750/700. Longs need stops below 15650. A break lower meets the best support for this week at 15575/525.
EuroStoxx shorts work on the slide to strong support at 4240/30 with a low for the day here so longs also worked perfectly on the bounce to 4300/10. This is the only resistance of the day. Shorts need stops above 4320. A break higher targets 4340/50.
Holding resistance at 4300/10 targets 4280/70 before a retest of strong support at 4240/30. Longs need stops below 4220. A break lower is a sell signal.
FTSE shot higher to the 7300/10 target as I write this morning, perhaps as far as 7335/40 later on today, before a retest of 7380/90.
Minor support again at 7260/40 before 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 bearish engulfing candle is likely to signal sideways trend so ease severely overbought conditions, although my first support at 4670/68 was not accurate because we over ran again to 4656.
Nasdaq December longs at best support for the day at 16230/180 worked as we held above 16100 for a bounce to first resistance again at 16400/450.
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 seeing a recovery as expected reaching very minor resistance at 4700/10 but above here retargets 4720/23 & 4735/40 then 4750. I am still expecting the downside to be limited with first support at 4670/60 . Longs need stops below 4650. Next target & better support at 4630/20. Try longs with stops below 4615. The best support at 4600/4395 this week – stop below 4385.
Nasdaq December up to 200 ticks profit on our longs as we hit 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.
Best support for today at 16200/160. 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.
Emini Dow Jones December longs at at 35450/350 worked perfectly on the bounce to first resistance at 35850/950 for an easy 400 tick profit. A break above 36000 should be a buy signal targeting 36230/250.
Minor support at 35750/700 but below here targets 35600. 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