Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
29 June
Video analysis:
Emini S&P futures.
Emini S&P SEPTEMBER futures broke below 7380 but did not reach my target & support at 7345/35 (Yet).
As we are still seeing buyers on dips, we may make a low of the day here.
Longs need stops below 7325.
A break lower is a sell signal targeting 7290/7285.
Unfortunately my resistance was too tight as we beat both 7390/7395 & also 7420/7430.
We made a high for the day at the next target of 7460/7470.
First resistance at 7465/75 today & shorts need stops above 7685.
A break higher is a buy signal targeting 7500/7505 then 7530/40.
We should struggle to beat this level but I think shorts are too risky.If we continue higher look for 7580/7590.
Emini Nasdaq futures.
Emini Nasdaq SEPTEMBER hit my target & buying opportunity at 29260/210.
This was the best chance of a low for the week & we saw a bounce from 29160, allowing the long positions to be held for the bounce to targets of 29430/460 & resistance at 29560/590.
However shorts here were stopped before we reversed.
The price actions suggest we are in a sideways consolidation and we will continue to reverse quickly.
Again, a buying opportunity at 29260/210 & longs need stops below 29100.
If we do break lower there is a risk of a retest of the June low for the September contract at 28590/510.
A break below here could slide as far as a buying opportunity at 28200/28050.
Longs need stops below 27900.
Longs at 29260/210 can target 29430/460 & 29560/590.A break higher targets resistance at 29835/865.
Shorts need stops above 29990. A break higher is a buy signal targeting 30250/290, perhaps as far as 30550/590.
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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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