Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

16 October

1. 1. Emini S&P December made it as far as 5918 but has hit profit taking in overbought conditions as we wipe out Monday’s strong gains.
   The low & high for the last session were 5850 – 5915
   (To compare the spread to the contract you trade)
   .
2. 2. Emini Nasdaq December finally beat the September high but then collapsed yesterday & wiped out Monday’s gains.
   Last session high & low for the last session were: 20254 – 20659.
   .
3. 3. Emini Dow Jones December collapsed from a new all time high at 43445 leaving a bearish engulfing candle on the daily chart.
   Last session high & low for the last session were: 42964 – 43445.
   .

Emini S&P December futures

• * Emini S&P broke support at 5898/88 but made a low for the day at support at 5850/40.
• * However I think we could see further losses today & we could fall as far as a buying opportunity at 5810/5790. Longs need stops below 5780.
  Targets: 5830, 5850, perhaps as far as 5870.
• * I cannot think about short positions in the strong longer term bull trend on any recovery, despite overbought conditions. But it is possible that we trade in a sideways range for a while to consolidate gains, so I will be watching for a pattern to form.

Nasdaq December futures

• * Nasdaq unexpectedly collapsed & broke strong support at 20540/500.
• * Key support at 20350/250 today from short term moving averages & a 5 week trend line.
  Longs need stops below 20200.
• * A break lower risks a slide to a buying opportunity at 19950/850 & longs need stops below 19700.

Emini Dow Jones December futures

• * We have unexpectedly collapsed leaving a bearish engulfing candle on the daily chart as we test support at 43000/42900 & longs need stops below 42800.

• A break lower should target a better buying opportunity at 42660/620.
  A good chance of a low for the day but longs need stops below 42500.

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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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