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 collapsed 130 points from 4144 on Thursday & another 100 to 3930/20. Further losses are expected to 3865/55 before a retest of very important support at 3820/00…where I correctly called a low for the correction last month – so obviously this is key to direction for the summer.
Gains are likely to be limited with first resistance at 3930/40 then strong resistance at 3960/70. If we unexpectedly continue higher expect very strong resistance at 4000/10.
Nasdaq JUNE broke support at 12410/370 for a sell signal in the morning hitting targets of 12100/050 & 11900/850 as we look for 11600/550 & retest of the May low at 11491. I doubt this will hold a second test & a break lower is an obvious sell signal targeting very strong support at 10800/700. This will be key to direction over the summer & a break lower will be disastrous.
Gains are likely to be limited in the bear trend with first resistance at 12000/100 & strong resistance at 12250/350. Shorts need stops above 12450.
Dax 40 JUNE crashed almost 1000 points last week – in fact almost 900 in just the last 3 days.
FTSE 100 JUNE collapsed 344 points from resistance at the 2022 high at 7615/45 in just 3 days) after I warned: HOLDING THIS RESISTANCE FORMS A RARE BUT VERY NEGATIVE TRIPLE TOP SELL SIGNAL.
Dax broke strong support at 14200/150 to target 13900/800 & probably 13600/550 this week. Eventually we could continue lower to 13480/430 before a retest of very strong support at 13250/150.
Gains are likely to be limited with strong resistance at 13900/14000 but strong resistance again at 14100/200. Only above 14300 turns the outlook positive.
FTSE crashed as far as my lower target & strong support at 7320/00. Longs need stops below 7280. A low for the day but no bounce so be ready to sell a break below 7280 targeting 7225/15, perhaps as far as 7140/20. A bounce from strong support at 7320/00 targets 7370/80. Strong resistance at 7415/35. Shorts need stops above 7460.
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Jason Sen, Director