Emini Dow Jones: Bulls need a break above 30770

Jason Sen DayTradeIdeas.co.uk

Emini Dow Jones – Nasdaq

Emini Dow Jones March topped exactly at key resistance today at 30690/730 withshorts offered up to 200 ticks profit on the slide to support at 30540/520. Howeverwe over ran to 30413 before another selling opportunity at 30690/730.

Nasdaq March topped exactly at the all time high at 13550/600 with a negativecandle risking a double top sell signal.

Daily Analysis

Emini Dow Jones shorts at strong resistance at 30690/730 target 30540/520 beforefirst support at 30440/400. A break lower targets 30330/300 with strong support at30000/29950.

Key resistance again today at 30690/730. Bulls need a break above 30770 for today’sbuy signal targeting 30830/850, perhaps as far as 31000/31100 before a retest of theall time high at 31188. Obviously a break higher (& weekly close above here onFriday) is an important buy signal.

Nasdaq failure to beat resistance at the all time high at 13600 risks a double top sellsignal (as we warned yesterday). This sends prices back to 13450/400 (we bottomedhere yesterday), perhaps as far as support at 13200/150 today. A low for the day ispossible here (as bulls are unlikely to surrender after a small double top) but furtherlosses meet strong support at 13000/12950. Longs need stops below 12900.

Key resistance at the all time high at 13550/600. A break higher is a buy signaltargeting 13640/650, 13680/690 & above 13710 we look for 13750/770.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD flat lines below 1.1900; divergent Fed-ECB expectations offer support

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.

GBP/USD slips heading into the Thursday trading window

The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.

Gold posts modest gains above $5,050 as US-Iran tensions persist despite strong labor data

Gold price trades in positive territory near $5,060 during the early Asian session on Thursday. The precious metal edges higher despite stronger-than-expected US employment data. The release of the US Consumer Price Index inflation report will take center stage later on Friday.

Bitcoin holds steady despite strong US labour market

Bitcoin briefly bounced from $66,000 to above $68,000 but slightly reversed those gains following Wednesday's US January jobs report. The top crypto is hovering around $67,000, down 2% over the past 24 hours as of writing on Wednesday.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

XRP sell-off deepens amid weak retail interest, risk-off sentiment

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.