Technical Analysis DayTradeIdeas
Trade ideas for Tuesday 6th February 2024.
Emini S&P March futures shot higher on the big news to the next target of 4985/87 & almost as far as 5000/02. This is an important psychological number & we should struggle to beat this level initially but there’s no reason to short this market & a break higher eventually can target 5010/12 next week.
Support at 4960/55 did not hold but frustratingly we made a low for the day less than 3 points above strong support at 4935/30. Longs here today need stops below 4925.
Nasdaq March remains in a sideways consolidation to ease overbought conditions but there is definitely no sell signal!! Obviously bulls want a break above the all time high of 17793 for a buy signal this week, initially targeting 17950/990. A break above 18030 will be the next buy signal this week.
Support again at 17470/430. Longs need stops below 17400.
Support again at 17250/200. Longs need stops below 17150.
A break lower however risks a slide to 17080/050 & perhaps as far as strong support at 16950/900.
Emini Dow Jones March new all time high at 38892 as we beat Wednesday’s bearish engulfing candle for a buy signal. Next target is 38970/39000. Above here we look for 39160/190.
We made a low for the day exactly at my support at 38380/280. Stop below 38200. A break lower is a sell signal for today targeting 38000/37950, perhaps as far as 37850.
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