Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
21 January
Emini S&P futures.
- * Emini S&P March futures broke support at 6920/6910 & the break below 6885 triggered the expected move to the next downside target of 6850/6840.
- * We ran as far as 6822 & could recover to 6865/6870.
- * Further gains are possible to minor resistance at 6890/6900. I do not sell into short positions in a bull trend during the correction phase.
- * But if you feel like this is a worthy trade then use a stop above 6910 and look for 20 to 30 point profit.
- * A break higher can target 6918/20 & 6930/40.
- * A high for the day is certainly possible here but shorts need stops above 6950.
- * A break below 6815 risks a slide to strong support at 6790/80, we could see an ultimate low for the correction.
- * Longs need stops below 6765.
Nasdaq futures.
- * Emini Nasdaq March futures initially bounced almost 200 ticks from 25300/25250 but could not fill the gap up to 25592.
- * The break below 25190 could not quite test strong support at 25050/25000 & we made a low for the day just above at 25095.
- * If we do test today, longs need stops below 24850.
- * Just be aware that a break lower can target strong support at 24650/550 & longs need stops below 24400.
- * This should be the main resistance of the day, so a break above 25610 should be encouraging targeting 25740/750 & 25850/860.
- * Resistance at 25950/26050.
- * Maybe a break higher opens the door to a retest of the all time high at 26399.
- * However a break below 25190 tests strong support at 25050/25000 – longs need stops below 24850.
Emini Dow Jones futures
- * Emini Dow Jones March broke support at 49050/48950 to hit 48611, holding just above the next important support at 48550/48500.
- * On a test today, longs need stops below 48350.
- * Watch for 1st resistance at 49000/49100.
- * I always think selling into shorts in a bull trend is risky But if you try, stop above 49250.
- * Above here targets 49328/49424.
- * Just be aware that a break below 48350 can target a buying opportunity at 48050/47950 & longs need stops below 47700.
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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.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20260121
