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 collapsed with strong inflation numbers. A bearish engulfing candle followed by another down day yesterday signals a double top in place for a medium term sell signal.
Nasdaq MARCH breaks strong support at 16120/09 for a sell signal hitting the next target & strong support at 15900/850. However we over ran to 15750 before the bounce.
Emini Dow Jones MARCH tests support at 35600/500 this morning.
Update daily at 07:00 GMT.
Emini S&P tested strong support at 4620/10 but over ran to 4595. There is longer term Fibonacci support at 44595/90. A break lower is a sell signal targeting 4560/50 perhaps as far as the December low at 4505/4495. A break below here can trigger another 150 point collapse.
Gains are likely to be limited with strong resistance at 4635/45 & 4655/65. Shorts need stops above 4670.
Nasdaq tests strong support at 15900/850. A break below 15750 is a sell signal targeting 15600/500. This support worked perfectly at the start of December. A break lower this time however is more likely, for an obvious sell signal initially targeting 15350/250.
Gains are likely to be limited with strong resistance at 16100/16200. Strong resistance again at 16400/450.
Emini Dow Jones first support at 35600/500. Longs need stops below 35400. A break lower targets 35100/35000, probably as far as 34800/700. First resistance at 35550/650. Shorts need stops above 35800. A break higher can retest the 36000 high for this week.
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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