Technical Analysis DayTradeIdeas
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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US Stock markets hold within short term consolidation patterns.
Emini S&P December futures holding both support at 4500/4490 & strong resistance at 4550/60 as we form a downward sloping channel.
Shorts at 4550/60 worked perfectly as prices collapsed from 4566 to my target & support at support at 4500/4490 as predicted, with a low for the day exactly here. Can’t do better than that!
Shorts at 4550/60 can retarget 4500/90. If we continue lower this week however look for 4465/60 & 4450. Eventually we could retest the 3 month trend line at the lower end of the range at 4400/4380.
Holding support at 4500/90 can target resistance at 4550/60 of course.
Nasdaq December futures we wrote: are stuck in the middle of a 2 month triangle consolidation pattern from support at 15360/330 up to resistance at 15730/770. Trade the range & wait for a breakout.
In fact these levels almost exactly matched Friday’s high & low for the day. Trade the levels while we wait for a breakout.
A break below 15290 today is a sell signal targeting 15240/230, perhaps as far as 15130/100.
A break above 15800 can target 15850/860 & 15910/930.
Emini Dow Jones December fooled me with the break above the upper trend line resistance at 35120/160 before collapsing back below 35070.
On Friday we lost all of Thursday’s strong gains. We have traded is a volatile sideways consolidation for a month. At this stage I must wait for a clear pattern or trend to identify a low risk opportunity.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20230918
