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.
Emini S&P December futures hit the 8 month trend line at 4090/95, the downward sloping 11 month trend line & upward sloping 2 month trend line at 4105/10, with a high for the day week here.
Nasdaq December lower on the US non farm payroll number to my target of 11750/700 with a low for the day exactly here.
Emini Dow Jones futures turns lower but no important sell signal yet despite severely overbought conditions.
**Friday’s dragonfly doji in all 3 markets warns of a potential price decline. A move lower on Monday’s candle provides confirmation.**
Emini S&P December has rejected strong resistance at 4090/95 to 4105/10 with a weekly close below here. Obviously a break above this week will convince me to turn bullish. We then target 4170/90.
Shorts at 4090/4110 can retarget 4060/50 & first support at 4020/10. A low for the day exactly here on Friday with longs offered up to 65 points profit. A break below 4000 however is a sell signal targeting 3970/50 & strong support at 3930/10.
Nasdaq December holding below 12000 re-targets 11750/700. Further losses can target 11550/500 & even 11250.
Bulls really need a clean break above the November high at 12118 for a buy signal targeting 12250 & 12400.
Emini Dow Jones should meet support at 33900/800 & in fact we had a low for the day just 35 ticks above here on Friday. A break below 33600 today signals further losses towards support at 33300/200.
Above 34700 can target 35000/35100.
Jason Sen, Director