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.
Nasdaq JUNE meets strong resistance at 13350/400. Obviously shorts need stops above 13550 today! Strong resistance at 13750/800. Shorts need stops above 13900.
Again we have some support at 12900/850, although not strong. Longs if you feel brave, need stops below 12750. A break lower is an important longer term sell signal & we could initially drop 500 ticks, perhaps 750 ticks.
Emini Dow Jones JUNE a high for the day exactly at strong resistance at 33900/34000. Shorts need stops above 34200. A weekly close above here is a buy signal for next week targeting 34700/750. Expect strong resistance at 34800/900.
Shorts at at strong resistance at 33900/3400 targets 33700/600, perhaps as far as 33250/150. If we continue lower look for 32750/700 then strong support at 32400/300. Longs need stops below 32100.
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Jason Sen, Director