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.
Dax 40 March is forming a sideways consolidation as volatility decreases, which is normal in both a bull & bear trend. We do not know how long this process will take but there is definitely no sell signal at this stage.
We held a range of about 250 ticks last week so there are few decent trading opportunities until we see some movement again.
FTSE 100 March holding a 100 tick range last week so same levels apply for today as we wait for a move.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 06:00 GMT.
Dax March has a series of 8 Doji’s in a row – very unusual but it serves to emphasise the sideways trend with no clear direction going forward. Bulls & bears have lost interest in the battle! We are holding just above support at 15000/14950 so far this week (about 35 tick above) with a bounce from here targeting minor resistance at 15170/200 before strong resistance at the January high of 15300/330. Shorts need stops above 15380. A break higher is a buy signal initially targeting 15500.
First support again at 15000/14950. A break lower targets 14870/850 then strong support at 14770/720.
FTSE March longs at first support at 7695/75 worked perfectly yet again yesterday as we establish a sideways trend for an easy 70 tick profit on the bounce to strong resistance at 7745/65. (A high for the day again here yesterday in fact) – Shorts need stops above 7785. A break higher is a buy signal targeting 7825 before a retest of 7850/60.
First support again at 7695/75. Longs need stops below 7865.
Emini S&P March broke first support at 4045/35 this time but missed my buying opportunity at 4000/3990 by 7 points
Nasdaq March longs at 12000/11900 worked perfectly with a bounce from 11872.
Emini Dow Jones March clearly in a sideways triangle pattern for 2 months. We will wait for the breakout.
Update daily by 06:00 GMT.
Emini S&P March bounce from just above 4000 hit 4045 & my next target of 4075, perhaps as far as resistance at 4100/4110 this morning. A break higher can retest the December high at 4140/45.
A buying opportunity again at 4000/3990. Longs need stops below 3980. A break lower sees 3990/4010 acting as resistance to target 3970/60.
Nasdaq March bearish engulfing candle on the 1 hour chart triggered a move to the downside exactly as predicted to first support at 12000/11950, with longs working as we held above 11850. A break lower today however can target 11730/700.
A bounce from first support at 12000/11950 targets 12300 (we are only half way there as I write) then 12460/480.
Emini Dow Jones hit my next target of 33800/750 then ran as far as 33600 yesterday before a bounce in the sideways trend to strong resistance at 34150/200. Shorts need stops above 34300. A break higher retests the January high at 34450/490. Minor support at 33850/750 but below here can target 33500/450.
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Jason Sen, Director