Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
04 August
Video analysis:
Emini S&P SEPTEMBER futures held that important Fibonacci support last week, putting bulls back in control as predicted.
Over the past 2 months I identified a sideways consolidation pattern.
I remained a buyer on any weakness & continually stated that I eventually expected a breakout to the upside….which is the normal sequence for a continuation pattern.
I did not listen to the bears warning of over priced stocks, inflation and an AI bubble but continued to follow my technical analysis rules.
The break above 7505 hit the next target of 7516/19 & the break above 7521 hit the 7552/7562 zone exactly as predicted yesterday.
We have now beaten the all time high at 7632 for a buy signal to reach 7647.
As I warned you, never bet against the bulls.
There’s minor resistance at 7648 so we could retrace to support at 7632/7628 before we push higher.
Watch 4 week trend line resistance at 7690/7700.
Shorts are probably too risky of course but ana 7705 should be the next buy signal.
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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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