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 stage a small recovery before the Fed rate decision today.
Emini S&P December futures manage a recovery from last week’s target of 4130/20 as far as strong resistance at 4205/15 with a high for the day exactly here. Shorts need stops above 4225.
A break higher however targets 4270/75. Targets for our shorts are 4190 & 4180. Further losses can target 4152/48 & last week’s low at 4128/23. A break below 4110 is the next sell signal for 4070/65, probably as far as 4020/10.
Nasdaq December futures recovers from the next target & strong support at 14100/14000 to first resistance at 14450/550. Shorts here are working with a high for the day exactly here again yesterday but we need stops above 14600. A break higher however can target 14800/830. Shorts at 14450/550 can target 14250, perhaps as far as strong support at 14100/14000 & longs need stops below 13950.
Emini Dow Jones December hit my sell opportunity 33000/33100 but over ran to 33220. If you managed to hold the position, shorts can target 23900/870 (which actually held the downside perfectly yesterday) & 32600/550. Obviously we have support at 32450/400 which could hold the downside again this week.
However if we break below 32380 look for 32150/100 & even 31830/800. A break above 33300 is a short term buy signal targeting resistance at 33460/500.
Dax (December futures) trying an unconvincing break above resistance at 14750/800 but we could perhaps target resistance at 15100/15200. A high for the day is expected here but shorts need stops above 15300. Targets for the shorts: 14950 & 14850, perhaps as far as 14800.
FTSE (December futures) 7 month sideways channel runs from support at 7260/40 up to 7760/80.
We have bounced from just above 7260/40 to hit the sell opportunity at 7370/90 with a high for the day exactly here. An easy 50 ticks profit offered on the collapse to 7325.
We can try again today if this level is retested, with stop above 7415. There is a better sell opportunity at 7440/60 if we unexpectedly continue higher. Stop above 7480. The most important support of the week is at 7225/7200 where we meet the lows from March, July & August. A break below 7185 therefore should be an important longer term sell signal & 7030/00 looks like a realistic target.
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Jason Sen, Director