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 up every week for 8 weeks to test strong resistance at 14500/600 with a high for the week.
Emini S&P December futures made a high for the week just 4 points from strong resistance at 4050/70 & shorts need stops above 4090.
We have a double top sell signal if we hold 4050/70 – I will be stunned if we beat 4090.
Nasdaq December tested strong resistance at 11750/850 but over ran to 11933 last week
Does the market crash from here?
Dax December meets strong resistance at 14500/600 with a high for the week here. Shorts need stops above 14700. A break higher targets 14840 & 14940.
Shorts at 14500/600 target 14370/340. A break below here is a sell signal targeting 14250/230. If we continue lower look for support at 14150/050. Longs need stops below 14000. A break lower is a sell signal.
Emini S&P December tests strong resistance at 4050/70 & shorts need stops above 4090. If we break higher, I will not believe my eyes – but we run in to 11 month trend line resistance at 4110/30. Surely the bear trend will resume from here?
Shorts at 4050/70 can target 4020/00 then 3970 & 3950, perhaps as far as strong support at 3925/15. Longs need stops below 3905.
Nasdaq December retests strong resistance at 11750/850. Shorts need stops above 12000. Bulls really need a clean break above the November high at 121118 for a buy signal targeting 12250 & 12400.
Shorts at strong resistance at 11750/850 can target 11680/600, perhaps as far as the recent swing low at 11550/525. I doubt this will hold the next test. A break lower targets support at 11400/350.
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Jason Sen, Director