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 – Selling a break below 4650/40 worked perfectly targeting 4620/10, 4590/80 & 4550/40 yesterday for profit taking. A low for the day exactly the 100 day moving average at 4520/15 as predicted.
I did warn you that bulls have not given up and will trigger strong gains, even if this is a developing bear trend.
Nasdaq MARCH shorts at strong resistance at 16400/450 worked perfectly with a high for the day here & a 850 tick collapse as far as my target of 15560/530. This was the best chance of a low for the day & I nailed it with a bounce from 15492.
Emini Dow Jones MARCH could be building a very large head & shoulders reversal pattern over the past 5 months but it could take a few weeks to complete the right shoulder.
Update daily at 07:00 GMT.
Emini S&P bounce from the 100 day moving average at 4520/15 is headed for the target & resistance at 4605/10. We should struggle here with a potential high for the morning. However if we continue higher look for a selling opportunity at 4650/60 with stops above 4670 A break higher is a buy signal.
Shorts at resistance at 4605/10 target 4580/70. Below 4560 risks a retest of 100 day moving average support at 4520/15. A good chance of a low for the day here again. HOWEVER probably the best support for this week is at 4505/4495. Bulls have not given up and will trigger strong gains, even if this is a developing bear trend. Longs need stops below 4485. A break below here is an important medium term sell signal.
Nasdaq shorts at strong resistance at 16400/450 work perfectly hitting the 15560/530 target. Longs here also worked perfectly with a 200 tick bounce from here. Further gains are possible to 15850/950 for profit taking on longs. We could continue higher as far as strong resistance at 16050/150. Shorts need stops above 16250.
Again support at 15560/530 is the best chance of a low for the day but a a break below here is a sell signal with another 200 tick drop likely.
Emini Dow Jones hit the 34700 target but ran as far as 34547. The bounce has beaten 34900 & holding above here allows a recovery to first resistance at 35200/300. A high for the day possible but further gains meet very strong resistance at 35500/600. Shorts need stops above 35650. Minor support at yesterday’s low of 34550. A break lower targets 34350/300 with the is the most important support of the week at 34100/34000. A break below here is a very important longer term sell signal.
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Jason Sen, Director