Emini Dow Jones: Longs are too risky now

Jason Sen DayTradeIdeas.co.uk

Emini Dow Jones_Nasdaq

Emini Dow Jones & Nasdaq JUNE futures.

Emini Dow Jones dipped to 20600/550 but missed our a buying opportunity at 20450/350 by just 60 ticks. I warned that we were expected to see one last push higher in to tomorrow for a selling opportunity before the weekend. If you managed to get in to a long, we shot higher through 21000 & 22000 for a monster profit before we topped exactly at our selling opportunity at 22400/500. Shorts here are working over night too.

Nasdaq we wrote: bulls have a buying opportunity at 7350/7300 looking for a bounce to 7420/40 & 7480/7500. A break above 7550 targets 7630/50 before yesterday's high at 7740/60. This is strong resistance coupled with further strong resistance at 7810/40. I think this will mark a high for the bounce if tested. Shorts need stops above 7900.

Longs at 7350/7300 worked perfectly offering 400-450 points on the bounce to 7740/60 & strong resistance at 7810/40. Shorts here did work too as we held below 7900.

Reports will be updated around the US open if necessary.

Daily Analysis

Emini Dow Jones shorts at 22400/500 target minor support at 21900/800 then strong support at 21500/400. This is a good level for some profit taking perhaps but longs are too risky now. Below 21300 is a sell signal targeting 21150/100 & minor support at 20900/800.

Sell at 22400/500 with stops above 22700. Just be aware that a break higher could take as far as an excellent selling opportunity at 23600/800.

Nasdaq holding below 7900 is negative for today targeting 7720/10, perhaps as far as 7660/40 & support at 7600/7590. A bounce from here certainly possible on the first test but with the outlook negative, a break below 7540 targets 7510/00 & 7480/60, perhaps as far as support at 7420/10.

Bulls need a break above 7930, which i think is unlikely but would be a buy signal targeting 7970/90 & 8100/20 then resistance at 8185/8200.

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Trends

Weekly outlook is negative

Daily outlook is negative

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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