Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

26 July

1. 1. Emini S&P September futures collapsed through support at 5545/35 for a a sell signal targeting 5505/00 & we fell as far as 5462.
   The low & high for the last session were 5462 – 5585
   (To compare the spread to the contract you trade).
   .
2. 2. Emini Nasdaq September futures shorts at resistance at 20030/080 worked perfectly hitting all targets as far as 19600.
   Last session high & low for the SEPTEMBER futures contract: 19168 – 19883.
   .
3. 3. Emini Dow Jones September futures headed lower as predicted to my strong support at 40100/40000. A low for the day exactly here.
   Last session high & low for the SEPTEMBER futures contract: 40053 – 40583.

Emini S&P September futures

• * Crashed through support at 5545/35 for a sell signal & hit 5462.
  Minor resistance at 5500/05 could see a high for the morning but the  best sell opportunity for the day is at 5520/25 & shorts need stops above 5535.
  Targets: 5505, 5490, 5470
• * A break above 5535 is a buy signal targeting 5545 & 5560.

• A break below 5458 is a sell signal targeting 5425 & an excellent buying opportunity at 5410/00.
  Longs need stops below 5385.
  

Nasdaq September futures

• * Emini Nasdaq shorts at resistance at 20030/080 worked perfectly hitting all targets as far as 19600 for a quick & easy potential 450 tick profit
• * However longs at the buying opportunity at 19530/470 were stopped below 19400 giving back around 100 ticks of the profit on the day.
• * There is minor support in the 19200/100 area but I do not feel confident that it will holding as downside momentum builds.
  If you fancy the gamble, stop below 19,000.

• Further losses can target strong support at 18830/730.
  Longs need stops below 18600
  

• Emini Dow Jones September futures
• * We wrote: Further losses were expected to 40700/650 & 40330/300 & even a test of strong support at 40100/40000 is possible in to next week.
• * We hit the target & strong support at 40100/40000 with a low for the day exactly here.
  Targets for the bounce: 40300 & 40400 for profit taking.
• * Strong resistance at 40400/500 & shorts need stops above 40600.
• * A break below 39900 is a sell signal for today targeting 39600/500 for profit taking on shorts.

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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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Jason Sen, Director

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20240726