Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
13 July
Video analysis:
Emini S&P SEPTEMBER futures beat minor short term trend line resistance at 7580/7590 for a buy signal targeting 7612/14 & all time high at 7632.
We got close, with a high for the day at 7628.
A break above the all time high at 7632 targets 7636/43, 76555/58, 7670/73, perhaps as far as 7680/83, eventually.
First support at 7601/7596 & longs need stops below 7585.A break lower however risks a retest of Friday’s low at 7559/7553.
Emini Nasdaq SEPTEMBER the break above 29810 was a buy signal targeting 29860/890 then resistance at 29900/30000.
Well, we made a high for the day exactly here although we are not seeing any declines at this stage.
Shorts needed stops above 30100 and we could not break higher…yet.
A break above very short term trend line resistance at 30200 should be an important buy signal this week & we should target 30300/320 & 30580/600.
Shorts at resistance at 29900/30000 are not working yet but if we do see declines look for minor support at 29760/730 for some profit taking.
A bounce from here is certainly possible as we have positive momentum but a break below 29690 risks a slide to what could be better support at 25620/580.Longs need stops below 29520.
Emini Dow Jones SEPTEMBER break above 52950 (if sustained) targets 53130/170 then 52400/430, before a retest of the all time high at 53600/656.
First support at 52480/400 & longs need stops below 52300.
A break lower however risks a slide to 52050/52000 & even a test of support at 51750/650 is possible.Longs need stops below 51550.
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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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20260713
