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.
Dax 40 crashed from the sell opportunity at 15700/750 wiping out 3 days of strong gains to hold just above important head & shoulders neckline support at 15030/14970.
EuroStoxx 50 MARCH WATCH THE HEAD & SHOULDERS NECKLINE AT 4050/30 – I THINK IT WILL BREAK SOONER RATHER THAN LATER TO TRIGGER A MINIMUM 10% CRASH. IT COULD BE A LOT WORSE.
FTSE 100 MARCH remains very hard to read in these conditions – the chart is messy in my opinion. There is no indication of a significant move to the downside but the other 2 markets & the Emini S&P look like they can crash.
Update daily at 07:00 GMT
Dax likely to be building the mother of all head & shoulders patterns. A break below important head & shoulders neckline support at 15030/15000 would be a sell signal. A break below 14800 is probably a more important sell signal. The market could go in to free fall – I am not kidding. Look for 14650/600 & support at 14350/300. A break below 14200 is the next important sell signal.
The index is obviously more volatile than usual & volatility is likely to increase I think. I also think gains are likely to be limited with resistance at 15300/330 & 15450/490. Shorts need stops above 15600. Strong resistance at 15700/750. Shorts need stops above 15850.
EuroStoxx most important support of the week at 4050/30. A break below 4020 is a very important longer term sell signal & could trigger a crash.
Gains are likely to be limited with resistance at 4125/30 & 4165/75.
FTSE holding up much better as we hold minor support at 7450/40 on Friday. We could target resistance at the January high at 7550/70. A break higher targets 7620/30 & 7660/70, perhaps as far as 7740/60.
Minor support again at 7450/40 but below here can target 7410/00 & 7350/30. If we continue lower look for 7280/60.
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Jason Sen, Director