Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
17 September
Video analysis:
Emini S&P futures.
Emini S&P DECEMBER futures broke support at the lower trend line at 7650/7640 to quickly target 7590/7585 & strong support at 7570/7560.
Unfortunately we made a low for the day just five points above here so we missed the opportunity to jump in and catch the bounce.
Perhaps now that the rate rise is out the way it clears the path the bull trend to resume… The rate rise was expected and the reaction was quite muted.
If we dip today we could try a long position at 7590/80 & stop below 7570.
we have already bounced back to the 7655/7650 area & holding above here keeps the outlook positive for today.
Next target is minor resistance at 7700 and I would not be surprised to see a high for the morning session if it is tested today….although shorts might be risky, and even if you try they may not offer a lot of profit potential.
But if we do see prices reverse I would look for support at 7560/7550 & longs need stops below 7540.
A break above 7710 should be a buy signal with a target of 7740.
Just be aware that the upper trend line resistance to what I believe is a bull flag pattern at around 7780/7790.
So a sustained break above 7800 should be an important longer term buy signal.
A dip back below the 100 day moving average at 7630 is more negative for today & risks a slide to 7620/15, before a test of support at 7590/7580.
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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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