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 shorts at resistance at 4000/10 worked perfectly on the collapse from 4018 to 3924.
Nasdaq September futures reversed from first resistance at 12450/500 & headed lower again as predicted to support at 12100/12000.
Emini Dow Jones September futures made a high for the day exactly at first resistance at 32000/32100. Shorts were offered 500 ticks profit on the slide to support at 31500/400.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 06:00 GMT.
Emini S&P shorts at resistance at 4000/10 worked perfectly as we target 3965, 3940 & perhaps as far as 3915/05 today. Expect strong support at 3915/3900. Longs need stops below 3880. A break lower is a sell signal, initially targeting 3835/30.
Longs at 3915/3900 target 3960, perhaps as far as 3980. Expect strong resistance at 4000/4020. Shorts need stops above 4030.
Nasdaq lower again as expected to some support at 12100/12000 in severely oversold conditions. ns 11900. A break below 11900 is the next sell signal, initially targeting 11650/600.
Gains are likely to be limited with some resistance at 12350/400 & strong resistance at 12500/550. Shorts need stops above 12650.
Emini Dow Jones collapsed from resistance at 32000/32100 to my target & support at 31500/400. Longs need stops below 31250.
Longs at support at 31500/400 target 31800 & resistance at 32000/100. Shorts need stops above 32250.
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Jason Sen, Director