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 MARCH still holding strong resistance at 4265/75 in a quiet session.
Nasdaq MARCH manages a recovery to first resistance still at 13750/850. Shorts need stops above 13950.
Emini Dow Jones MARCH hit my target & support at 32400/300. A low for the day exactly here. The bounce beat resistance at 32800/900 but made a high for the day exactly at the next target of 33250/300. We held this level all through yesterday & over night.
Update daily by 05:00 GMT.
Emini S&P sees a recovery to strong resistance at 4265/75 with a high for the day here. I think gains are likely to be limited but above 4290 can target 4320/25, perhaps as far as a sell opportunity at 4370/80. Shorts need stops above 4400.
If we hold strong resistance at 4265/75 & reverse, look for 4220/10 (a low for the day here yesterday in fact) then support at 4195/4185. I guess we need a weekly close below here for my important sell signal with a break below 4140 to retest the February low at 4101. Obviously a break below here adds pressure for 4060/50 & pro as far as 4010/00 eventually.
Nasdaq bounces to first resistance still at 13750/850 with a high for the day exactly here. Shorts need stops above 13950. A break higher however targets 2 month trend line resistance at 14100/150. Shorts need stops above 14250 for a test of strong resistance at 14350/400.
Holding first resistance at 13850/750 re-targets 13500/450 (hit yesterday, with a bounce from 13996) before important longer term support at 13000/12900. Longs need stops below 12800. A break lower however could send prices down another 1000 points eventually.
Emini Dow Jones certainly volatile but still holding strong resistance at 33250/300 (with a high for the day exactly here yesterday). Shorts need stops above 33600. A break higher targets strong resistance at 33900/34000.
Holding 33250/300 targets 32900/800 before support at 32400/300. A break below 32000 is then a very important longer term sell signal & could see 750 tick losses almost immediately.
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Jason Sen, Director