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 completed the right should of a small head & shoulders pattern breaking the neck line is at 4590/4580 for a medium term sell signal. A bounce to this level was a perfect sell opportunity last week & as predicted we dropped 200 points is from here. Not a bad week!
Nasdaq MARCH lower as expected to the only support for the day at 14430/14380, with a low for the day exactly here.
Emini Dow Jones MARCH broke the 200 day moving average at 34900/850 as expected to hit the next target of 34560/540 & was expected to hit first support at 34050/33950 on Friday.
A low for the day just 50 ticks above here.
Update daily at 07:00 GMT.
Emini S&P break of the neck line at 4590/80 was a significant sell signal with the break of the 200 day moving average at 4430/20 another important medium term sell signal. First target would be 4360/50. However 4200 is definitely not out of the question.
Gains are likely to be limited with very strong resistance at 4425/35. Shorts need stops above 4450. A break higher however can target 4480/85.
Nasdaq lower again as expected targeting the only support for the day at 14430/14380. A low for the day exactly here so obviously this is key to direction now. A break below here is an important sell signal of course & we could easily drop another 500 points.
A bounce from the only support for the day at 14430/14380 is likely as trading starts this week. We could reach 14600/650, perhaps as far as strong resistance at 14800/900.
Emini Dow Jones currently holding first support at 34050/33950. First resistance at 34450/500. Strong resistance at 34750/800 should we make it that far. A break below 33900 eventually this week is a sell signal eventually targeting 33200.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director