Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

15 July

1. 1. Emini S&P September futures trade sideways for the last 3 days.
   The low & high for the last session were 5621 – 5708.
   (So you can compare the spread to the contract you trade).
   .
2. 2. Emini Nasdaq September futures dipped a little further to 20335
   Last session high & low for the SEPTEMBER futures contract: 20335 – 20741.
   .
3. 3. Emini Dow Jones September futures shot higher to a new all time high at 40572

Emini S&P September futures

• * We hit the next targets of 5601/04, 5611/13 & 5617/19, 5627/31, 5646/48 & now 5672/76  & 5705/07 last week.
  A new all time high exactly here before prices unexpectedly collapsed to wipe out all of Wednesday’s gains.
  We wrote: I would at least expect a sideways consolidation to develop & in the very short term dome further minor losses are possible (even likely).
• * Still no no sell signal so I would not be comfortable in a short but we could certainly dip as far as support at 5595/5585 at the start of the consolidation phase.
  Longs need stops below  5575.
  Targets: 5605, 5615, 5625.
• * However a break below 5575 risks a slide to 5560/55 & even as far as 5520/10 is possible.
• A break above 5710 however can target: 5714/15, 5720/21 & 5728/30

Nasdaq September futures

• * Emini Nasdaq made a new all time high exactly at the next target of 20950/21000, last week, but then unexpectedly crashed below support at 20770/690.
• * THIS DOES LEAVE A BEARISH ENGULFING CANDLE ON THE DAILY CHART
• * On Friday we initially broke first support at 20430/390 but recovered from 20335.
• * A break below here this week targets 20250/240.
  This could hold the downside initially.
• * I would feel safer buying at 20100/20050 this week, with stops below 19970.
• * I would try a short at 20940/980, to see if a double top forms. Shorts need stops above 21050.
  .
  Emini Dow Jones September futures
• * beat the all time high at 40350/360.
• * The weekly close above here should be an important buy signal for next week.
  We can target 40630/660 & 40710/750.
• * However failure to hold above 40300 today risks a slide to a buying opportunity at 40050/39950 & longs need stops below 39850.

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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.

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20240715