Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
13 May
Video analysis:
Emini S&P futures.
- * Emini S&P June futures – yesterday I warned: JUST BE AWARE THAT WE ARE SEVERELY OVERBOUGHT.
* ”I am not suggesting we are about to see a significant move to the downside – there is no evidence of that and markets can remain overbought for a long time in a strong bull trend.” - * It was not a surprise to see prices lower yesterday but unfortunately my support at 7390/7380 was just a little too high & we dipped as far as 7363.
- * Frustrating as I wanted to capitalise on weakness to jump in to longs.
- * HOWEVER I will stick with support at 7390/7380 today…there’s a good chance that today’s low will be slightly higher than yesterday.
- * Longs need stops below 7365.
- * However a break lower risks a slide to support again at 7330/7320 & longs need stops below 7300.
- * For now, a break above 7460 is always possible in the strong bull trend to target 7490/95.
Nasdaq futures.
- * Emini Nasdaq June futures edged to a new all time high at 28480 as we look for 29550/590 eventually.
- * Again I warned that we may need to consolidate to ease overbought conditions so it was no surprise to see us test support at 28950/28850.
- * Hopefully the bounce from 28750 kept us long for the expected bounce which reached 29310 as I write.
- * Further gains obviously can retest the all time high at 29480.
- * On a break higher we target 29720/780 then 29950/30000.
* We could find support again at 28950/28850 & longs need stops below 28750.
- * Below here meets better support at 28500/28400 & longs need stops below 28300.
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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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