Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
16 April
- 1. Emini S&P June futures made a high for the day at resistance at 5200/5210 then collapsed to support at 5155/45 for 50 to 60 points profit taking.
However we broke & held below 5140 which was an important short term sell signal. First target of 5100 has been hit as we look for 5080/70 & perhaps as far as strong support at 5050/40. - 2. Emini Nasdaq broke my buying opportunity at 18050/18000.
We wrote: A break lower is looking likely eventually & would be a short term sell signal targeting 17840/830 & 17680/670 for profit taking on shorts.
If you reversed in to a short on the break, we have hit the 1st target of 17840/830. - 3. Emini Dow Jones June futures formed a 3rd bearish engulfing candle on the daily chart before a collapse on Friday to 38132.
Yesterday I wrote: I believe the other 2 markets will follow the Dow Jones lower.
Looks like I was right again!!!
Emini S&P: headed lower breaking 5140. First target would be 5100 then 5080/70 & strong support at 5050/40.
- * Resistance at 5145/55. Shorts need stops above 5160.
Nasdaq June futures: collapsed breaking my buying opportunity at 18050/18000 for a short term sell signal targeting 17840/830 & 17680/670 for profit taking on shorts.
- * Further losses are possible however as far as a buying opportunity at 17640/580 & longs need stops below 17500.
Targets: 17830, 17950 - * Obviously we have strong resistance at 18,000/18,100 & shorts need stops above 18,200.
Emini Dow Jones June broke support at 38520/460 this time targeting 38250, 38100 & 38000, which were hit yesterday.
- * However losses as far as 37500 cannot be ruled out.
- * We did have resistance at 38460/500 & shorts needed stops above 38600. We over ran a little to 38,637 but if you held the short position it certainly did work.
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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.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20240416
