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.
Dax 40 December futures made a high for the day exactly at resistance at 12120/150 with a 150 tick profit offered on shorts.
Emini S&P December futures shorts at first resistance at 3685/3700 worked perfectly with a high for the day here & a 100 point slide to a new 2022 low at 3596.
Nasdaq December reversed from strong resistance at 11550/600 to retest the only support of importance – the 200 week moving average at 11180/150. We closed the week below here as we test the 2020 low at 11050/030. A break below 10990 is a sell signal of course.
Emini Dow Jones futures reversed from just above first resistance at 29600/700, leading the way lower as we close the week well below the 200 week moving average.
Dax December first resistance again at 12120/150. Shorts need stops above 12200. Resistance again at 12270/300. Shorts need stops above 123350. A break higher can target 12410/430, perhaps as far as 12500/550. .
Shorts at resistance at 12120/150 targets 12000/11950 then retest 11900/870 with important 500 week moving average at 11750.
Emini S&P December shorts at first resistance at 3740/50 worked perfectly retesting 3618/13 before a break lower towards key 200 week moving average support at 3590/85. A low for the day just 5 points above. This is in fact the only support for this week. So a break below 3575 (& then holding below 3585/90) is an important sell signal. (Watch for an opening gap below 3580). The index could go in to free fall targeting 3545 & 3500/3490.
Holding the only support at 3590/85 in severely oversold conditions allows a recovery to 3625/35. If we continue higher expect strong resistance at 3670/80. Shorts need stops above 3700.
Nasdaq December closed below the 200 week moving average at 11180/150 but did hold the 2020 low at 11050/030. A break below 10990 this week is an important sell signal initially targeting 10800/750. Failure here targets 11500.
Holding the 2020 low at 11050/030 gives bulls the opportunity to build a double bottom buy signal. Obviously bulls need prices to stabilise above the 200 week moving average at 11180/200.
Emini Dow Jones held 50 ticks below first resistance at 29600/700 & broke minor support at 28900/800. Holding below here this week targets 28400/300. Eventually a move as far as 27500/400 is likely.
Gains are likely to be limited with first resistance at 29200/300. Shorts need stops above 29400. Strong resistance at 29650/700. Shorts need stops above 29850.
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Jason Sen, Director