Technical Analysis DayTradeIdeas
Earnings are due from Microsoft MSFT.O, Alphabet GOOGL.O, Amazon AMZN.O and Meta Platforms META.O this week.
Emini S&P December futures collapsed to my targets of 4375/4365 & 4340/35. Then the break below 4335 hit my targets of 4300/4290 & 4270/65.
Support at 4260/50 held but with no bounce or indication that a low has been reached…and a close right at the low of the day & the week, it looks like we will continue lower to test an extremely important support at 4220/4200. This will make or break the market going in to year end.
I would try a long. It is worth the risk despite the downside momentum. However we want to reverse in to a short on a break lower which can target 4130/20 (just to start with). Longs at 4220/4200 could see a good profit if the level holds, initially targeting 4285/95.
Nasdaq December futures shorts at 15300/350 worked perfectly at last we we hit my targets of 15050/15000 & 14830/800 & as stated on Friday, eventually we could fall as far as the lower trend line support of the 3 month triangle pattern at 14600. We got pretty close on Friday. A break below 14500 will be an important sell signal suggesting a breakout of the 4 month triangle pattern. However a bounce from 14600/550 however can target 14650 & 14750, even 14900 is possible.
Emini Dow Jones December shorts at resistance at 33930/970 worked perfectly with a high for the day exactly here before we collapsed to hit targets of 33700/650 & 33600.
On Friday we wrote: Further losses are likely & target 33350/300 for profit taking before the weekend. All targets hit as we approach the October low at 33070/020. Obviously a break below 32990 suggest further losses towards 32750/700. A bounce meets resistance at 33500/560 & shorts need stops above 33630.
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.
Join Telegram https://t.me/daytradeideas
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email firstname.lastname@example.org
Jason Sen, Director