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 JUNE longs at first support at 4460/50 midweek worked perfectly on the run from 4445 up towards strong resistance at 4530/40 by Friday. This is obviously key to direction with a high for the day exactly here on Friday.
Nasdaq June beat resistance at 14400/500 for a buy signal targeting 14650/680 then 14820/870 with a high for the day (& the week of course) exactly here. The perfect call for last week.
Emini Dow Jones June shot higher from strong support at 34250/150 to target 34400/450 & 34750/800 for profit taking. A high for the day just 9 ticks from strong resistance at 34850/950.
Update daily by 06:00 GMT.
Today’s Analysis.
Emini S&P JUNE made a high for the day exactly at strong resistance at 4530/40. Shorts worked on the slide to the first target of 4490/4500. Try shorts again with stops above 4555. A break higher retests the February high at 4575/78. Above here look for 4595/99.
I wonder if we are seeing a high for the bounce at strong resistance at 4530/40. (No idea what we are doing up here). Shorts target 4500/4490, perhaps as far as 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 & 14820/870. If we continue higher this week expect strong resistance at 15100/15200. Shorts need stops above 15350.
In severely overbought conditions it is possible that 14820/870 will mark a high for the recovery. Shorts here target 14600 then 14400/350. This should hold the downside initially but I wonder if longs are too risky. A break lower targets support at 14140/100.
Emini Dow Jones JUNE rockets from strong support at 34250/150 & as far as strong resistance at 34850/950. Shorts need stops above 35150. Shorts at strong resistance at 34850/950 target 34500 & first support at 34250/200 for profit taking.
To subscribe to our daily reports please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director
https://www.daytradeideas.co.uk
20220328