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 breaks support at 3820/00 for an important sell signal of course targeting 3730/20 then 3695/85 & 3650/40. The ultimate target is strong support at 3520/00.
First resistance at 3770/80 then of course we have a sell opportunity at 3800/10 on any bounce – stop above 3825.
Nasdaq JUNE broke the May low at 11491 as predicted for an obvious sell signal targeting 11200/100 (a low for the day exactly here) then 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 11450/500. Unlikely but if we continue higher expect very strong resistance at 11600/650.
Dax broke strong support at 14200/150 to target 13900/800 & 13600/550 then 13480/430 yesterday before a retest of very strong support at 13250/150. A low for the day exactly here but longs need stops below 13000. A break lower is a very important medium term sell signal initially targeting 12700/600.
Longs at very strong support at 13250/150 target 13450/500 (about 50 ticks away as I write over night), perhaps as far as resistance at 13650/750.
FTSE broke strong support at 7320/00 for another sell signal targeting 7225/15 & important support at 7140/20. A LOW FOR THE DAY EXACTLY HERE! Longs need stops below 7080. A break lower is an important sell signal targeting 7000/6990 & 6900/6875 (just to start).
A bounce from strong support at 7140/20 targets 7170/90 (hit), perhaps as far as 7250/80 today for profit taking. Further gains meet strong resistance at 7330/40.
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Jason Sen, Director