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

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.