Emini Dow Jones key to direction is very strong resistance at 24780/799

Jason Sen DayTradeIdeas.co.uk

S&P June contract

Emini S&P will need to dip back below 2700/05 (unfortunately we bottomed exactly here yesterday) to target 2693/91 & better support at 2681/78. This is the best chance of a low for the day but longs should be risky. A break below 2670 is a sell signal targeting 2660/57 & minor support at 2652/50.

A break higher is a buy signal targeting 2722/24, 2727/29, 2734 & strong resistance at 2441/44. Exit longs & try shorts with stops above 2750.

Emini Dow JonesJune contract

Emini Dow Jones key to direction is very strong resistance at 24780/799. Try shorts with stops above 24900. An unexpected break higher targets 24995/999 then 25050/060 & 25150/160.

I DO THINK WE SHOULD turn lower today to retest 24680. Below 24660 is more negative, so this is helpful. Watch support at 24610/590. A break below here is a sell signal targeting 2430/20 & strong support at 24485/475. A bounce from here is very likely on the first test at least, but a break lower eventually will be another sell signal.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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