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.
Dax break below 14350/300 is the next sell signal targeting 13950/850. I am not looking to buy ion weakness – I think we will continue to trend lower eventually targeting 13600/550.
I prefer to sell a bounce with minor resistance at 14225/250 then best sell opportunity at 14350/400. Shorts need stops above 13500.
EURUSD continues lower as expected breaking support at 1.0960/50 for a sell signal targeting important 5 year trend line support at 1.0850/20. Longs need stops below 1.0780.
Gains are likely to be limited with resistance at 1.0950/60. Shorts need stops above 1.0980.
USDCAD longs at the 500 week moving average at 1.2440/10 worked perfectly with a low for the day exactly here. The expected break above 1.2510/30 targets a sell opportunity at 1.2590/1.2610. Shorts need stops above 1.2625.
Minor support at 1.2525/05 could hold the downside but below here can target 1.2480/70. Obviously we have a buying opportunity at 1.2440/10. Longs need stops below 1.2370. A break lower is an important medium term sell signal.
Emini S&P JUNE holding strong support at 4520/10 targets 4530/35. I think gains are likely to be limited but above here can target look for resistance at 4555/65. If we unexpectedly continue higher look for a retest of 4585/80, before resistance at 4625/30. However a break above 4640 opens the door to 4660/70 & a break above here is the next buy signal.
We held strong support at 4520/10. Longs need stops below 4495. A break lower this week is a sell signal targeting 4480 then 4450/40.
Nasdaq JUNE shorts at strong resistance again at 15100/15200 worked perfectly targeting 14750/700, 14600 & 14450/350. A LOW FOR THE DAY EXACTLY HERE! A bounce to resistance at 14750/800 is certainly possible, although I prefer to sell in to resistance then buy in to support as I think the trend is lower. If you do try a long stop below 14300. A break lower sees 14350/450 act as resistance targeting 14150/100, perhaps as far as 13900/850.
First resistance at 14750/800. Shorts need stops above 14900. Strong resistance again at 15100/15200. Shorts need stops above 15350. An unexpected break higher this week is a buy signal targeting 15500/520, perhaps as far as 15650.
Emini Dow Jones JUNE shorts at resistance at 34850/900 worked perfectly on the slide as predicted to my 34440/400 target. The break below 34400 is a sell signal targeting 2 week lows at 34200/150, probably 33990/950, perhaps as far as 33800. First resistance at 34400/500. Strong resistance at 34850/950 – shorts need stops above 35150.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director