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 longs at strong support at 4110/4090 worked perfectly on the bounce to 4165, perhaps as far as 4210/20 today.
Nasdaq September made a low for the day exactly at first support at 12850/800. Longs worked perfectly as we hit my first target of 13200/250.
Emini Dow Jones September bounced from strong support at 32300/250 hitting my first target of 32600/700.
Emini S&P longs at strong support at 4110/4090 work as we hit my target of 4165, perhaps as far as 4210/20 today for profit taking.
Strong support again at 4110/4090. Longs need stops below 4080. A break lower meets strong support at 4030/20. Longs need stops below 4000.
Nasdaq longs at first support at 12850/800 targeting 13200/250. Watch for a high for the day here today. However a break higher targets 13450, perhaps as far as very strong resistance at 13600/700.
First support at 12850/800. Longs need stops below 12750. A break lower is a sell signal targeting 12650/600, perhaps as far as strong support at 12350/300.
Emini Dow Jones longs at strong support at 32300/250 target 32600/700 & 33100, perhaps as far as 33250/300.
Strong support again at 32300/250. Longs need stops below 32200. A break lower targets 31900/800. Try longs with stop below 31700.
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Jason Sen, Director