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 December futures hit key Fibonacci resistance at 4000/4020 with a high for the day yesterday. A BREAK BELOW 3960 TODAY IS A SELL SIGNAL.
I think we will see the bear trend resume from 4000/4020.
Nasdaq December shorts at key resistance today at 11850/950 are starting to work.
A good chance the market has ended the counter trend correction & the bear trend resumes from here.
Emini Dow Jones futures have recovered 61.8% of the losses for 2022. Incredible! The index is only down 3000 ticks or 8% from the all time high.
3 neutral candles indicate the recovery has run out of steam.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 06:00 GMT.
Emini S&P December holding Fibonacci resistance at 4000/4020 yesterday starts to put bears in control. Minor support at 3970/60 has also held (as we trade sideways as predicted) but below a break below 3960 is likely today for a sell signal targeting strong support at 3925/15. A low for the day expected if test but longs need stops below 3900. A break below here is an important sell signal.
Fibonacci resistance at 4000/4020 but we also have strong resistance at 4070/80 & shorts need stops above 4090.
Nasdaq December could be nearing the end of the recovery now as we reverse from key resistance at 11850/950. Again shorts need stops above 12100. Bulls need a sustained break above 12100 for a buy signal.
Our shorts at key resistance at 11850/950 held first support at 11750/700 perfectly yesterday but a break below 11700 is expected soon for a sell signal targeting 11580/540, perhaps as far as 11400/350.
Emini Dow Jones tests resistance at 33700/800 & our shorts need stops above 34050. A break higher targets 32230/250. Our shorts at 33700/800 target 33400/350 but we should eventually continue lower for 33200 & support at 32800/700.
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Jason Sen, Director