Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Emini S&P March futures I suggested selling a bounce to 4790/4800 with stop above 4830. I am looking for a double top if we hold below last week’s high t confirm a negative outlook after the huge bearish engulfing candle.
However a break above 4830 negates the bearish candle formation for a buy signal this week targeting 4835/38, 4843/45 & 4864/67.
First downside target is 4740/30 but we could fall as far as 4680/60. I think it is worth trying a long at 4680/60 with stop below 4650.
Nasdaq March futures bounced to resistance at 16900/950 & shorts need stops above last week’s high at 17073. (We got close on Friday but held below). A break above 17100 however negates the bearish candle formation for a buy signal this week targeting 17200/240 & 17350/370, perhaps as far as 17440/460. A break below 16895 (which just held on Friday) today could be taken as a sell signal targeting 16820/810, perhaps as far as 16770/750. A break below here (the low of the bearish engulfing candle targets minor support at 16700/680 for profit taking on any remaining shorts.
Emini Dow Jones March I suggested a short at 37700/800 (we reached 37878 on Friday) & stop above last week’s high at 38012. A break higher targets 38150, 38230 & 38300.
A break below 37500 today is a sell signal & can retest last week’s low at 37420/390. A break lower is a sell signal targeting minor support at 37250/200.
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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Jason Sen, Director
https://www.daytradeideas.co.uk
20231226
