Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
04 September
- 1. Emini S&P September futures broke out to the downside of the 10 day range is with a break below 5575/5560
The low & high for the last session were 5595 – 5665.
(To compare the spread to the contract you trade)
. - 2. Emini Nasdaq September collapsed from resistance at 19690/695.
Last session high & low for the SEPTEMBER futures contract: 18911 – 19683.
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3. Emini Dow Jones September has a potential double top sell signal after the collapse from the new all time high at 41682.
Last session high & low for the SEPTEMBER futures contract: 41658 – 40866.
Emini S&P September futures
- * Emini S&P has now started to move with a break below the lower end of the 10 day range at 5575/5560 hitting 1st target of 5540/30 & almost as far as 5500/5490.
- * It seems possible we could fall as far as 5470/60 but there is a good chance of a low for the day here.
Longs need stops below 5450. - * I could argue that we could be forming a (very lobsided) 6 month head & shoulders pattern with neckline at 5180/50.
- * We should meet resistance at 5540/50 & shorts need stops above 5560.
However if we continue higher we risk getting trapped in the recent range, so I will see where we close tonight.
Nasdaq September futures
- * The 10% collapse in Invida pulled stocks lower yesterday & obviously the Nasdaq was hit hard.
I have been warning & watching for the formation of a right shoulder in a 6 month head & shoulders pattern - * Of course this looks more likely to form after we collapsed from minor resistance at the Tuesday/Wednesday/Thursday high of 19690/695 yesterday.
- * We wrote: a dip below 19500 risks a slide towards last week’s low at 19140 & perhaps as far as support at the 100 day moving average at 19065/025. A break below here targets 18880/830.
- * Although I did not expect that move to happen within hours, if you did manage to get in to a short position ono the break of 19500, there was up to 600 ticks profit possible as we hit the 18830 target.
- * The index is oversold in the short term & we are testing a 2 year ascending trend line so there is a good chance of a bounce from 18880/18830. Longs need a 100 ticks stop loss below the short term Fibonacci levels around 18700.
- * A break below 18700 should be another sell signal targeting strong Fibonacci support at 18600/500, with a good chance of a low for the day here.
- Emini Dow Jones September futures
- * We wrote: …failure to break above the all time high leaves a potential double top pattern, which would trigger a move towards 41160/100 & 40950/900…Look for short term support at 40700/650. Longs need stops below 40550.
- * Well, quite a move yesterday as we collapsed to my targets of 41160/100 & 40950/900, with a low for the day only about 30 ticks below.
- * To repeat: Look for short term support at 40700/650. Longs need stops below 40550.
A break lower see 40650/700 act as resistance targeting further losses towards 40400/350 & perhaps as far as 40100. - * I think gains are likely to be limited as downside risks suddenly open & we should have resistance at 41150/200 than at 41350/390.
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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
20240904
