Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
09 June
Video analysis:
Emini S&P futures.
- * Emini S&P June futures held 9 points above support at the 7350/7330 area.
- * The bounce hit my targets of 7400 & minor resistance at 7423/28.
- * we only held here for a couple of hours, and the retracement only reached 7407.
- * I said, I still think shorts could be risky. On a break above 7435 look for 7445 & 7460/65.
- * so it was not a surprise to see another push higher to my next targets with a high for the day only 11 points above 7465.
- * I had predicted a high for the day at 7460/65, so I am happy with this call.
- * if you manage to enter a short position we then collapsed back to 7411, So there was a good profit potential on the trade
- * I still think that we are most likely to enter a consolidation phase where the market will start reversing back and forth instead of trending higher as it has been.
- * I think there is a good chance that we start to range from 7350/7330 up to 7520/7530 in the longer term
- * Perhaps in the short term we will range from 7360 up to minor resistance at 7460/70.
- * Inside of this range unfortunately I can’t find trades which is common in a sideways consolidation
- * Longs at support in the 7350/7330 area need stops below 7300.
- * I would take a break below here as another sell signal initially targeting 7280/75 then 7255/50 & even 7225/20 is possible.
- * But I do think we could have very strong support around 7200/7185 if we fall this far.
- * A break above 7475 should be a buy signal targeting 7490/95 for profit taking.
- * However a break above 7500 can target a sell opportunity at 7520/7530 with stop loss above 7545.
Emini Nasdaq futures.
- * Emini Nasdaq June futures managed a recovery & by the early morning bulls managed to hold prices above the 29100/29000 area to regain control.
- * A strong recovery reached 29743. I know
- * we should find support today at 29300/29200 & longs need stops below 29100.
- * A break lower risks a retest of support at 28950/28850 & longs need stops below 28750.
- * A break below 28750 is likely to trigger further losses to what should be strong support at 27950/900.
- * I will remain a buyer of dips to strong support levels at this stage.
- * I do not think the markets are about to see a crash.
- * Longs need stops below 27700.
- * I think there will be bulls waiting on the sideline for such an opportunity & the bounce could be swift and strong.
- * A bounce from the support level could take us back to the 29000 area.
- * However if we do break below 27700 we could fall as far as the 27000 area.
- * Holding support at 29300/29200 re targets 29743, perhaps as far as 29780/800.
- * A break above here can target strong resistance at 30,000/30100 & shorts need stops above 30200.
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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.
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Jason Sen, Director
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