Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
27 September
- 1. Emini S&P December made a contract high at 5830 but reversed to 5778.
The low & high for the last session were 5778 – 5830.
(To compare the spread to the contract you trade)
. - 2. Emini Nasdaq December is in a very slow 2 month bull trend, recovering from the late August collapse.
Last session high & low for the last session were: 20188 – 20538.
. - 3. Emini Dow Jones December collapsed leaving a bearish engulfing candle on Wednesday but recovered most of the losses yesterday, so the candle was probably a false signal.
Fortunately I ignored the signal & had us buying at first support at 42270/230.
The long worked perfectly as we shot higher to 42594.
Last session high & low for the last session were: 42231 – 42594.
.
Emini S&P September futures
- * Emini S&P beat 5805 for a buy signal & hit the next target of 5830/35 but then unexpectedly reversed.
- * We have moved very little this week & are struggling to push higher in severely overbought conditions but of course, shorts are a bad idea without a sell signal in such a strong longer term bull trend.
- * So I have no strong signals but if we continue higher look for 5875/85, perhaps as far as 5900/05.
- * My best suggestion on how to trade this market is to buy at support but be quick to take a profit in the low volatility conditions.
- * First support at 5795/90 & longs need stops below 5785.
- * Next support at 755/5770 should be stronger but longs need stops below 5765.
- * Look for 10 to 15 points profit on these trades.
- Strong support at 5745/35 & longs need stops below 5730.
Targets: 5755 & 5765
Nasdaq September futures
- * The break above the August high of 20217/251 hit my targets of 20330/340 & 20400/430, but not quite as far as 20600 just yet, with a high for the day yesterday at 20538.
- * We made a low for the day at support at 20250/150 but longs need stops below 20050.
- * Very strong support at 19900/800 & longs need stops below 19700.
Emini Dow Jones September futures
- * Longs at first support at 42270/230 worked perfectly & longs need stops below 42050 if the level is retested today.
- * We may start a consolidation phase now, where we trade in a sideways pattern to ease overbought conditions.
- * A break lower risks a slide to 41900/800.
- * We could have resistance again at 42650/680.
- * However a break above 42700 can target 42800/820, perhaps as far as 43000/43100.
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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
20240927
