Technical Analysis – DayTradeIdeas
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 beat 3815 but also strong resistance at 3875/95 reaching 3919. Further gains are likely now to 3965/75, perhaps as far as 4010/20.
Strong support at 3790/80. Longs need stops below 3760.
Nasdaq filled the gap at 11850 but continued higher strong resistance at 11950/12050. Shorts need stops above 12150. A break higher is a buy signal targeting 12350/400. Watch for a high for the day. Shorts need stops above 12500. A break higher here is a strong buy signal for the summer, targeting 12900/950 & strong resistance at 13200/300.
Best support at 11750/700. Longs need stops below 11650. A break lower targets 11550/500.
Emini Dow Jones bounce from support at 30200/100 made it as far as strong resistance at 31300/400. Shorts need stops above 31500. A break higher is a buy signal targeting 31800/900, perhaps as far as 32400.
Minor support at 31100/31000 then very strong support at 30600/500. Longs need stops below 30400.
EURUSD key resistance at 1.0615/30. Shorts need stops above 1.0650. A break higher is a buy signal (& weekly close above for confirmation) targeting 1.0680/85, probably as far as 1.0790/1.0810 in to next week.
Minor support at 1.0460/50 could hold the downside again today. Below 1.0430 however risks a retest of the double bottom low at 1.0360/50. Longs need stops below 1.0325.
USDCAD first resistance at 1.2935/55, shorts need stops above 1.2970. An unexpected break higher can target 1.3010/20. The break below 1.2930 is a sell signal initially targeting 1.2870/60. We could pause here but longs look risky. A break below 1.2850 risks a slide to 1.2800 for profit taking.
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Jason Sen, Director