Emini Dow Jones: A break above 25750 targets 25830

Jason Sen DayTradeIdeas.co.uk

Emini Dow Jones – Nasdaq

Emini Dow Jones September Futures unexpectedly collapsed through support at 25910/890 & buying opportunity at 25720/680, with stops below 25600 activated. We fell further hitting 25430/380 for profit taking on shorts. We bottomed exactly here.

Nasdaq September Futures we wrote: retests potential resistance at the new all time high at 10685/695, where we hit profit taking on Tuesday. Shorts still not a safe bet. A break above 10710 then next buy signal targeting 10735/745 & 10785/795.

We missed the target by only 10 ticks.

Daily Analysis

Emini Dow Jones held the 25430/380 level perfectly for a bounce to resistance at 25680/720 & we topped exactly here. Watch these levels this morning, with that 25530/500 area offering some short term support over night. A break above 25750 targets 25830, perhaps as far as resistance at 25890/920. Shorts need stops above 25990. A break higher targets 26080/100 before a retest of 26250/280. Be ready to buy a break above 26300 targeting 26450/480, 26610/630 & perhaps as far as the 3 week high at 26750/780.

First support at 25430/380 again for profit taking on shorts. Longs need stops below 25300. Be ready to sell a break below here targeting 25100/050. Below 26000 risks a slide to 25850/820.

Nasdaq new all time high just 10 ticks from 10785/795. If we continue higher look for10835/45 then 10880/90.

We are severely overbought but there's definitely no sell signal. First support at 10700/690 then a buying opportunity at 10600/590, with stops below 10560. If we unexpectedly continue lower look for 10510/500 then support at 10450/430.

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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