Technical Analysis Video – 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 no stuck in a 170 tick range from 4280/60 up to very strong resistance at 4425/45 – shorting this level keeps working & eventually I think we will break to the downside but keep scalping the levels in the mean time.
Nasdaq MARCH holding first resistance at 14400/450 with a high for the day again on Friday, in what I think is a bear trend & therefore eventually we will break lower.
Emini Dow Jones MARCH also very volatile of course.
Update daily at 07:00 GMT.
Emini S&P shorts at resistance at the 200 day moving average & strong resistance at 4425/45 keep working. If you are scalping watch the levels of 4410/00, 4360/50 & also 4310/00. Below here re-targets 4270/60 before a test of the best support at 4200/4180. Bulls must defend this level or we are staring at a test of 4000. I think they will fail eventually. Will be interesting to see the monthly candle on the close on Monday . Just be aware that a break lower targets 4145/25 & 4090/80, probably as far as 4055, just to get started.
Gains are likely to be limited with resistance at 4350/60, 4400/10 & of course very strong resistance at 4425/45. Shorts need stops above 4465. If we unexpectedly continue higher look for 4510/20.
Nasdaq outlook remains negative in my opinion despite the fact that we keep bouncing to first resistance at 14400/450. A break higher this time can retest 14660/690. I really do not expected further gains but there is very strong resistance at 14800/850.
Shorts at first resistance at 14400/450 target 14180/160, perhaps as far as 13950/900. Further losses obviously can retest 13750/700. However I would not rely on this holding a second time. A break lower is a sell signal targeting 13490/460, perhaps as far as 13400/360. Eventually we could meet an excellent buying opportunity at 13000/12900. Longs need stops below 12700.
Emini Dow Jones minor support at 34000/33900 but below here can target 33600/560 (a low for the day here on Friday), perhaps as far as 33350/300 before best support for today at 33050/33000. I do not think this will hold for long. Be ready to sell a break below 32900 targeting 32700 & probably as far as the best support for this week at 32500/300. Bulls must defend this level or we could see a test of 31000.
Minor resistance at 34200/250 & 344500/550. Above 35650 look for 34900/950.
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Jason Sen, Director