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.
US stock markets volatile on the CPI release. Where next? Emini S&P, Nasdaq, Dow Jones & Dax40
Forex outlook – Long term trends remain in place for the Dollar, Yen & Gold.
Emini S&P December key resistance at 3695/3700 of course. I would take a break above the 500 hour MA at 3720 as a buy signal today. A break above last week’s high at 3733/34 confirms the buy signal targeting 3750/55 & probably as far as 3800/20.
Holding key resistance at 3695/3700 re-targets 3665/60 & 3605 for profit taking on shorts.
Nasdaq December shorts at strong resistance at 11200/300 worked perfectly as we hit targets of 11050/11000, 10950/900 & 10800/750, with in fact a low for the day almost exactly here. Yesterday we shot higher to retest strong resistance at 11200/300 this morning. Shorts need stops above 11350. A break higher is an important buy signal for this week targeting 11500 & resistance at 11700/800.
Shorts at strong resistance at 11200/300 target 11000/10950, perhaps as far as 10800/750.
Emini Dow Jones reversed from resistance at 30500/30600 targeting 29950/900 & 29700/600. A low for the day exactly at this support. However we have unexpectedly reversed again back up to test strong resistance at 30450/550. A high for the day exactly here but shorts need stops above 30650. A break higher is a buy signal for the rest of this week, initially targeting 30800 & 309500/31000, perhaps as far as 31400/500.
Shorts at 30450/550 can target 30200/100. Below 30000 look for 29800/700 for profit taking on any remaining shorts.
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Jason Sen, Director
https://www.daytradeideas.co.uk
20221018
