Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas
17 October
- 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.
There is a good chance we will consolidate & trade sideways for a short period to ease overbought conditions.
Definitely no sell signal though!!!
The low & high for the last session were 5853 – 5892
(To compare the spread to the contract you trade)
. - 2. Emini Nasdaq December should find support at 20250/200 & longs need stops below 20150.
Last session high & low for the last session were: 20206 – 20398.
. - 3. Emini Dow Jones December collapsed from a new all time high at 43445 leaving a bearish engulfing candle on the daily chart on Tuesday but we recovered yesterday.
Last session high & low for the last session were: 42937 – 43369.
.
Emini S&P December futures
- * Emini S&P managed to bounce from support at 5850/40 (I wasn’t sure it would).
- * We reached 5892 & obviously bulls want to retest this week’s all time high at 5918.
On a break higher look for 5935/40. - * A break below 5840 targets 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
- * Key support at 20250/200 today from short term moving averages & a 5 week ascending trend line.
Longs need stops below 20150.
- * A break lower risks a slide to a buying opportunity at 19950/850 & longs need stops below 19700.

- Emini Dow Jones December futures
- * Bearish engulfing candle formed on the daily chart on Tuesday but we bounced from support at 43000/42900 to 43369.
- * Longs on a retest of support at 43000/42900 today 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.
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
20241017
