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 JUNE longs at first support at4460/50 worked perfectly on the run from 4445 up towards strong resistance at 4530/40.
Nasdaq June beat resistance at 14400/500 for a buy signal targeting 14650/680 (a high for the day exactly here yesterday) then 14820/870 Only 40 ticks away as I write over night).
Emini Dow Jones June reversed 58 ticks from strong resistance at 34850/950 to see a low for the day at strong support at 34250/150. If you managed to enter a long here, we shot higher to target 34400/450 before a test of this week’s high at 34750/800 (hopefully today for profit taking).
Update daily by 05:00 GMT.
Emini S&P JUNE longs at first support at 4460/50 hit the first target of 4490/4500 & retest this week’s high at 4514. Expect strong resistance at 4530/40. Shorts need stops above 4555. A break higher retests the February high at 4575/78.
First support again at 4460/50. Longs need stops below 4430. A break lower targets 4405 & 4395, perhaps as far as strong support at 4370/60. Longs need stops below 4350.
Nasdaq JUNE beat resistance at 14400/500 for a buy signal targeting 14650/680 & now 14820/870. If we continue higher expect strong resistance at 15100/15200. Shorts need stops above 15300.
Minor support at 14450/400. Better support at 14300/250. Longs need stops below 14200. Next target & strong support at 14050/14000. Longs need stops below 13900.
Emini Dow Jones JUNE rockets from strong support at 34250/150 target 34400/450 before a test of this week’s high at 34750/800. Strong resistance at 34850/950. Shorts need stops above 35150. Strong support again at 34250/150 but below here can target 34050 then a buying opportunity at 33900/800 – longs need stops below 33700.
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Jason Sen, Director