Technical Analysis – DayTradeIdeas
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 March – It’s make or break for Emini S&P today as we test:
The 1 year 38.2% Fibonacci resistance at 4000
The 5 month 61.8% Fibonacci resistance at 4012.
The 1 year downward sloping trend line at 4020.
In overbought conditions.
Even on the short term charts, taking my Fibonacci levels from the December high, we have a 61.8% resistance at 4008.
Nasdaq March has recovered 50% of the December loss & closed above the 100 day moving average at 11565.
We have a 3 month bear flag in the Emini Nasdaq as we test the red 200 week moving average resistance.
Emini Dow Jones March
Update daily by 06:00 GMT.
Today’s Analysis.
Emini S&P March held resistance at 4000/4020. Targets for shorts are 3950/40 & 3900/3890.
A sustained break above 4030 signals a bullish breakout & I have to take this as a medium term buy signal. A minimum 100 point jump would then be expected.
Nasdaq March we wrote: break above 11570 can target 11650/700. A high for the day at 11638, so I was pretty close!! If we continue higher look for 11900/950.
A minor negative candle yesterday but I must wait for a sell signal – no sign of a turn yet, although bulls need prices to hold above 11580/530 to remain in full control. A break below 11500 risks a slide to 11450/400, perhaps as far as 11250.
Emini Dow Jones support at 34100/050 with a bounce to target 34450/500. Further gains can target 34700. Until we get a sell signal, we can buy at support at 34100/050. Below 34000 however risks a slide to support at 33870/840.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20230117
