Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Stock Markets Correct to the Downside Overnight
02 April
Emini S&P futures.
- * Emini S&P June futures beat resistance at 6,595/6,605 with shorts stopped above 6,620.
- * The break above 6,620 was a buy signal targeting resistance at 6,635/6,655.
- * I warned: ”There is a good chance of a high for the day but shorts need stops above 6,680. Targets: 6,610, 6,585.”
- * Shorts here worked perfectly as we collapsed from 6,653 to the 2 targets & as far as 6,522.
- * Bear in mind it’s a holiday in many countries tomorrow & on Monday so volume could be light and I would expect most traders to close positions before the long weekend – they will not want 4-day Iran risk where anything could happen!!
- * There could be minor support at 6,510/6,500.
- * A break below 6,490 risks a slide to 6,450/40, perhaps as far as 6,425/6,420.
- * Minor resistance at 6,590/6,600.
- * Further gains retest strong resistance at 6,635/6,655.
Nasdaq futures.
- * Emini Nasdaq June futures beat resistance at 24,050/24,150 to target 23,330/350.
- * We made a high for the day exactly here & clearly I should have suggested shorts but I only saw this as minor resistance.
- * Prices reversed & collapsed as far as 23,753.
- * I am not sure where we go today.
- * There may be support at 23,650/23,600.
- * A break below 23,550 risks a slide to 23,400/350 then 23,250/200.
- * Watch for resistance at 23,310/350.
- * A break above 23,450 is the next buy signal targeting resistance at 24,700/24,800
- * Shorts need stops above 24,950. Shorts at 24,500/400 for profit taking.
Emini Dow Jones futures
- * Emini Dow Jones June shot higher from strong support at 45,300/45,100 & through first resistance at 46350/46,500 for a buy signal targeting 47,200/47,300.
- * We made a high for the day almost exactly here at 47,090.
- * Prices collapsed towards strong support at 46,450/300 & longs need stops below 46,100.
- * A break lower can target 45,900 & 45,800/45,750.
- * Longs at 46,450/300 can target 46,650/700, maybe 46,900/930.
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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
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