Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
05 November
Gold sell signal. GBPUSD buying opportunity.
US Index futures trading levels & signals for Wednesday.
Emini S&P futures broke strong support at 6850/40 for a short term sell signal targeting 6810/05.
We fell as far as 6748 over night.
There is potential support at 6780/6760 & longs need stops below 6740.
A break lower targets 6720/15, perhaps as far as 6680/70.
Bulls need a break above 6805 to regain some control today targeting 6822/27 before resistance at 6845/6855.
A break above 6855 can target 6773/78.
Emini Nasdaq broke strong support at 25600/550 & longs were stopped below 25450.
Holding resistance at 25500/25600 today keeps short term pressure to the downside targeting a buying opportunity at 25100/24900.
Longs need stops below 24750.
A break lower targets 24600/24550.
Targets for the longs at 25100/24900 are 25250/300 & resistance at 25500/600 for profit taking.
Shorts at resistance at 25500/600 stop above 25650. A break higher can target resistance at 25850/25890.
Shorts need stops above 26000 & a break above here is a buy signal.
Emini Dow Jones futures broke support at 47530/430 to hit the next downside target of 47100/47050.
This should be support for today but longs need stops below 46900.
On a break below 46900 look for 46650/46550.
We should have strong support at 46500/46400, with a low for the correction possible here but longs need stops below 46250.
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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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