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.
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Emini S&P June broke above strong resistance at 4200/4210 & I have to take this as a buy signal.
Nasdaq June beat resistance at the 100 week & 500 day moving averages at 13460/480 for a buy signal & we have hit my target of 13730/750 & as far as 13960.
Update daily by 06:00 GMT.
Emini S&P June beat the February & April high and the 100 week & 500 day moving averages at 4200/4210. I have to take this as a buy signal.
Strong support at 4200/4190 today! We should also have strong support at 4170/60. Longs need stops below 4150.
On the bounce we target last week’s high at 4227. Obviously bulls need a break above here to target 4250 & even 4280/85 this week in the short squeeze.
Nasdaq June outlook remains positive of course & we are seeing a break above last week’s high at 13960 to target 14250/300.
However failure to hold above 13930 risks a slide to yesterday’s low at 13820/800.
Emini Dow Jones June made a high for the week at strong resistance at 33660/690 so we can try short here again this week. Shorts need stops above 33750. I would take a break above here as a buy signal targeting 33840 then 34000. Shorts at 33660/690 did target 33550/500 for some profit taking with a low for the day at 33394. Below here we could reach support at 33300/250. Longs need stops below 33150.
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Jason Sen, Director