Emini Dow Jones: a break above 27960 targets 28000

Jason Sen DayTradeIdeas.co.uk

Emini Dow Jones_Nasdaq

Emini Dow Jones & Nasdaq December futures.

Emini Dow Jones we wrote: has weak sell signals with a dragonfly doji on the severely overbought weekly chart & negatively diverging stochastic on the daily chart.

We traded lower to 27985/975 then 27878.

Nasdaq we wrote: severely overbought in the short term & although there is no sell signal and shorts in a bull trend are a very bad idea, I cannot help thinking are could head lower this week. Minor support at 8383/80 then strong support at 8360/55 could hold the downside today.

We headed lower as predicted to bottom almost exactly at 8360/55.

Daily Analysis

Emini Dow Jones first support at 27880/860. A break below 27820 targets 27770/750. On further losses look for a buying opportunity at 27610/590, with stops below 27550.

Holding first support at 27880/860 targets 27930/940. A break above 27960 targets 28000/020 & 28040/050. A break above 28055 allows a further recovery to 28130/140 before a retest of the all time high of 28190/197. Obviously a break above 28200 acts as a buy | 2 signal.

Nasdaq held strong support at 8360/55 as predicted yesterday. A break below 8345 today however targets a buying opportunity at 8325/20, with stops below 8305. Next downside target is then 8245/40. Try longs with stops below 8230.

Minor resistance at 8380/83 before a retest of yesterday's high at 8422/27 & the all time high of 8454/58. A break higher targets 8485/90.

Trends

Weekly outlook is positive

Daily outlook is positive

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

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