Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Gold & Stock Market Analysis for the Week: Anticipating Key Moves from divergence.
Gold has been in a sideways consolidation for over four months, with erratic movements making it challenging to predict the next move.
On the daily chart, moving averages are flatlining, and we see a negative divergence with the slow stochastics trending downward, indicating a possible downturn at the start of this week.
Similarly, the Emini S&P futures show an upward price trendline, but again, we have a negative divergence on the slow stochastics.
The market is hovering just above the 100-day moving average—a crucial level that could dictate the direction for the week.
In the Nasdaq, I’m watching a potential bear flag formation within a consolidation channel.
We’re approaching long-term resistance, marked by a two-year-old trendline and Fibonacci levels, suggesting that downside risks are significant.
My bias leans bearish for both the S&P and Nasdaq this week.
Emini S&P September futures
- Emini S&P retests strong resistance at 5350/5360 (US500 contract is about 26 points under this price) but rana as far as 5385 before reversing.
I still think there is a good chance we turn lower on Monday.
Targets: 5320, 5295, 5275
A break above 5385 is a buy signal targeting 5400 & resistance at 5420/30 for profit taking on longs & shorts need stops above 5440.
Nasdaq September futures
- * Emini Nasdaq hit resistance at 18630/730 (US100 contract is about 105 points above here) & made a high for the week exactly here.
- * Shorts need stops above 18850 & a break higher is a buy signal targeting 19000/19100 for profit taking on longs.
Targets for the shorts at 18630/730 are 18480 & 18330, perhaps as far as 18200.
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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
20240812
