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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Stock markets bounce from support at buying opportunity levels.
Emini S&P December futures collapsed 150 points as expected to test an extremely important support at 4220/4200. This will make or break the market going in to year end & we saw a low for the day exactly here yesterday.
I would try a long here again today. 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 (& we held just 5 points below here yesterday). Above 4300 look for 4315/20, but but 4335/45 is not out of the question.
Nasdaq December futures shorts at 15300/350 worked perfectly at last we hit my targets of 15050/15000 & 14830/800 & then the lower trend line support of the 3 month triangle pattern at 14600 as predicted yesterday. We are seeing a bounce from 14600/550 hitting my targets of 14650 & 14750. Eventually even 14900 is possible. If we continue higher I expect strong resistance at 15100/200 & shorts need stops above 15300.
Emini Dow Jones December crashed from resistance at 33930/970 as predicted to test my target of the October low at 33070/020.
A low for the day exactly here & as stated yesterday the bounce meets resistance at 33500/560 & shorts need stops above 33630.
The low yesterday means we have a potential double bottom pattern which could eventually trigger gains as far as 34750, for anyone willing to hold a swing trade. Obviously a break below 32990 suggest further losses towards 32750/700.
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Jason Sen, Director