Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

28 February

1. 1. Emini S&P March collapsed on Thursday from strong resistance at 6010/6015
   The low & high for the last session were 5873 – 6014.
   (To compare the spread to the contract you trade)
   .
2. 2. Emini Nasdaq March broke 21000 for a sell signal
   Last session high & low for the last session were: 20583 – 21386.
   .
3. 3. Emini Dow Jones March shorts at resistance at 43750/850 worked perfectly in the collapse from 43949.
   Last session high & low for the last session were: 43345 – 43843.
   .

Emini S&P March futures

• * Emini S&P shorts at strong resistance at 6010/6015 worked perfectly with a high for the day exactly here before the collapse to 5985
  .
• * The break below 5975 was expected & triggered losses as predicted for a retest of support at 5925/5915.
  Up to 1000 points potential profit on this trade.
• * Longs however stopped below 5900.
  .
• * Again, the break below 5900 was a sell signal targeting 5865/60 for profit taking on shorts for another profitable trade on the day.
• * Emini S&P now tests very important trend line support at 5865/60.
• * Longs need stops below 5850. Targets: 5905, 5915

• * A break below 5850 is an important sell signal targeting 5815/10, perhaps as far as support at 5775/5765.
  

Nasdaq March futures

• * Emini Nasdaq could not quite make it to resistance at 21450/500 & crashed below support at 21200/100 this time for a sell signal targeting 21700 for profit taking.
• * However we fell as far as 20583.
• * A buying opportunity at 20450/350 & longs need stops below 20250.
• * A break lower sees 20350/450 act as resistance targeting 20050/2000 for profit taking before the weekend.

• * Longs at 20450/350 can target 20750/800 & even 20950/21000 is not out of the question.
  

Emini Dow Jones March futures

• * Shorts at resistance at 43750/850 worked perfectly as we collapsed to my target & the 16 month ascending trend line at 43100/43000.
• * We are only 66 ticks away as I write over night.
• * Up to 700 ticks profit potential on this trade.
• * A bounce from 43100/43000 is possible but longs need stops below 42850.

• * Gains are likely to be limited with first resistance again at 43750/850 & shorts need stops above 44000.
  

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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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