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 September a low for the day exactly at strong support at 3920/10 on Tuesday & a bounce through resistance at 4010/20 for the next buy signal targeting a sell opportunity at 4080/90.
Nasdaq September a low for the day at first support at 12150/12000 on Tuesday & we shot higher to retest last week’s high of 12655/695 yesterday. Anyone bag 500 ticks?
Emini Dow Jones September a low for the day exactly at support at 31750/650. Longs worked perfectly as we hit my targets of 31900/32000 & 32300/400.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 06:00 GMT.
Emini S&P holding above 4010/20 targets a sell opportunity at 4080/4100. Shorts need stops above 4120.
Below 4000 meets strong support at 3970/60. Longs need stops below 3945.
Nasdaq longs at first support at 12150/12000 worked perfectly on the bounce to 14400/450 & last week’s high of 12655/695. A break above 12700 targets 12900/13000.
Downside is expected to be limited with strong support at 12420/380. Longs need stops below 12350. Strong support at 12150/12000.
Emini Dow Jones longs at 31750/650 offered up to 600 ticks profit on the recovery to my target of 32300/400. Further gains target strong resistance at the 100 & 500 day moving averages at 32650/700.
Downside is expected to be limited with first support at 32000/31900 then strong support at 31820/780. Longs need stops below 31700.
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Jason Sen, Director