Technical Analysis – DayTradeIdeas

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.

Emini S&P JUNE found a low for the correction as predicted as we hit the first target for the bounce at 3920/40 then first resistance at 4000/4020 (a high for the day here yesterday). Strong resistance at 4030/50 but shorts need stops above 4080. A break higher is a decent buy signal initially targeting 4110/30 then 4210/30.

Shorts at 4030/50 targets 4000/3990, perhaps as far as 3955/45.

Nasdaq JUNE trades sideways so far this week as predicted to ease oversold conditions but no buy signal yet. Gains could be seen as far as first resistance at 12000/100 (a high for the day exactly here yesterday) but expect strong resistance at 12300/400. Shorts need stops above 12500 for a test of strong resistance at 12700/800. Shorts need stops above 12950.

A break below 11500 however targets 11300 & 11000, probably as far as a buying opportunity at 10800/600. Longs need stops below 10400.

Emini Dow Jones JUNE reaches very strong resistance at 32200/400 as expected. Shorts need stops above 32500. A break higher is a buy signal targeting 32900/33000.

Shorts at strong resistance at 32200/400 target 31850/800. A low for the day is possible. However if we continue lower look for 31600, perhaps as far as 31400.

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Jason Sen, Director

https://www.daytradeideas.co.uk

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