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 shorts at the sell area of 4000/4020 hit all my targets as far as 3900/3890 (with a low for the day just a point above here yesterday). Hopefully you bagged 100 points this week.
Nasdaq March we wrote: the break lower can target 11470/430 then support at 11340/300.
Spot on as we made a low for the day at 11308 – could not be more accurate!!
Emini Dow Jones March shorts activated on my sell signal made 1000 ticks profit this week.
Update daily by 06:00 GMT.
Emini S&P March shorts at 4000/4020 worked on the expected collapse to my 3900/3890 target. We should have resumed the bear trend so we can sell a bounce to resistance at 3930/35…perhaps as far as 3950/55. Shorts need stops above 3960.
A break below 3890 is a sell signal targeting 3825/15.
Nasdaq March collapsed from 11650/700 as I suspected to hit support at 11340/300 with a high for the day. Longs are too risky now. A break below 11250 is the next sell signal targeting 11150/100, perhaps as far as 10980/950.
We should have resistance at 11530/560 & 11650/700.
Emini Dow Jones shorts at 34000/34200 worked perfectly as we hit all targets as far as 33100/33000 with a low for the day exactly here.
An easy 1000 ticks profit this week.
A break below 33000 is a sell signal targeting 32750/700.
Gains are likely to be limited so we sell in to resistance at 33450/550. Stop above 33650.
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Jason Sen, Director