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 December futures held 11 points above strong support at 4225/15 so far this week. On a retest, longs need stops below 4195.
A break below here today is an important medium term sell signal.
A high for the day exactly at first resistance at 4300/4310yesterday & if you caught the first test of this level there was up to 40 points profit offer.
This is key again this morning but the strongest resistance should be at 4330/40. Shorts need stops above 4355.
Nasdaq December futures longs at support at 14630/600 worked perfectly on the bounce to resistance at 14810/850 for a 200 ticks profit but unfortunately shorts here were stopped above 14890 on Wednesday.
Yesterday we could not beat Wednesday’s high so again we should have first resistance at 15050/15100 today. A break higher however can target 15250/300.
Support again at 14630/600. Longs need stops below 14550 & a break lower is an important sell signal initially targeting 14440/430.
Emini Dow Jones December break below 33400 was a sell signal targeting 33330/300 then 33080/030. Targets hit with a low for the week exactly at this level.
Today’s resistance at 33500/600. Shorts need stops above 33750. A break below 33000 is certainly possible & initially targets 32900/850 before a retest of the May low at 32670/620.
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Jason Sen, Director