Technical Analysis DayTradeIdeas

Technical Analysis DayTradeIdeas

07 March

1. 1. Emini S&P March broke important support at 5770/5760 to hit the next downside target of 5725/20 with a low for the day exactly here.
   The low & high for the last session were 5720 – 5853.
   (To compare the spread to the contract you trade)
   .
2. 2. Emini Nasdaq March longs at the buying opportunity at 20450/350 unfortunately stopped this time as we collapsed to 20003
   Last session high & low for the last session were: 20003 – 20647.
   
   

Emini S&P March futures

• * Emini S&P bounced off an important support at 5770/60, to minor resistance at 5840/50 with a high for the day exactly here.
  Unfortunately this advice was wrong: (probably too risky to try short now)!!
• * Longs at 5770/5760 stopped below 5745 for a sell signal targeting 5725/20.
• * A low for the day exactly here.
• * Holding below resistance at 5760/70 keeps the pressure on for a retest of 5725/20 but this is only a target & not a support.
• * Therefore a break lower is more likely eventually targeting 5698/95 & even as far as 5675/70.
• * Further losses are possible as far as 5650/40 next week.
• * Resistance at 5760/70 & shorts need stops above 5780.

• * A break higher can target 5800 before strong resistance at 5820/30.
  Shorts need stops above 5840.
  

Nasdaq March futures

• * Emini Nasdaq broke support at 20450/350 this time.
• * A break below 20000 (a low for the day exactly here yesterday) is a sell signal targeting 19850/800.
• * If we continue lower through 19800 look for 19650/600.

• * Strong resistance at 20400/20500 & shorts need stops above 20600

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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

https://www.daytradeideas.co.uk

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