Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

12 November

1. 1. Emini S&P December new all time high at 6053.
   The low & high for the last session were 6013 – 6053
   (To compare the spread to the contract you trade)
   .
2. 2. Emini Nasdaq December makes a new all time high at 21340
   Last session high & low for the last session were: 21098- 21340.
   .
3. 3. Emini Dow Jones December hit my 44600/700 target & set a new all time high exactly here at 44625
   Last session high & low for the last session were: 44142 – 44625.

Emini S&P December futures

• * Emini S&P shot higher to hit the next targets of 6000/6005 & 6026/29, on the way to 6050/54.
  A new all time high & a high for the day exactly at this next target.
  Above 6060 look for 6090/6095 then 6135/40.
• * I am never going to suggest a counter trend trade & therefore a short in the Emini S&P is high risk – but we are overbought after huge gains from the Trump win.
• * We are hitting trend line resistance at my exact target of 6050/54, where we have a new all time high at 6053.There is a good chance we turn lower towards 5985/75.
• * So if you are happy with the counter trend risk, try a short at 6050/54, stop above 6060 & target 6020., perhaps as far as 5990
• * Support at 5975/65 & longs need stops below 5955.
• * First support at 6010/6000 & longs need stops below 5990.

• * Second support at 5970/60 & longs need stops below 5950.
  

Nasdaq December futures

• * The break above 21050 hit my next target of 21250/280 and reached 21340 yesterday.
• * Further gains are expected to target 21540/550 & 21700/750.
• * Eventually we could reach 21850/890
• * HOWEVER JUST BE AWARE THAT WE Are BECOMING OVERBOUGHT & YESTERDAY’S DOJI COULD SUGGEST WE WILL NOT MAKE FURTHER GAINS AT THIS STAGE.
• * There is definitely no sell signal but we could consolidate sideways to ease those overbought conditions.
• * On the downside I expect support at 20080/020.
  Longs need stops below 20970.

Emini Dow Jones December futures

• * Next targets are 44600/700 (hit with a new all time high here) & 44850/900
• * First support at 44300/44200 but below here can target support at 44000/43900.
• * Longs need stops below 43800.

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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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Jason Sen, Director

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20241112