Emini Dow Jones shorts at 23760/820

Jason Sen DayTradeIdeas.co.uk

Emini Dow Jones_Nasdaq

Emini Dow Jones & Nasdaq JUNE futures.

Emini Dow Jones shorts at 23760/820 unfortunately stopped just before we sold off to the first target of 23700/650. We then shot higher to 23950/24000 but not quite as far as 24150/200.

Nasdaq we wrote: holding above 8835 is positive for the start of the day with minor resistance at 8878/80. A break higher targets 8917/20. If this resistance holds, we have a potential head & shoulders top pattern. Shorts need stops above 8935. A break higher is a buy signal targeting 8990/99, perhaps as far as 9017/20.

We shot higher from 8822 through 8917/20 for a buy signal & we topped exactly at 9017/20.

Daily Analysis

Emini Dow Jones has traded sideways for a month & we have sold off to again to 23700/650 as I write. Minor support at 23590/550 but below here targets 23450 & 23350/320 before best support for today at 23220/160. Longs need stops below 23000. A break lower is a sell signal targeting 22820/770 & 22650/600. Further losses meet strong support at 22300/200 for profit taking on any remaining shorts.

Strong resistance at 23850/900. A break higher targets 23950/24000, perhaps as far as 24150/200. A break above 24300 targets 24450/500.

Nasdaq topped exactly at 9017/20 & sold off to to 8878/80. Minor resistance at 8910/20 in the short term sideways trend but above here targets 8955/65 before a retest of 9015/20. A break higher targets 9040/45 then 9110/20 before the 9140/45 recovery high.

A break below 8880/77 targets support at 8850/40. A break below 8820 risks a slide to 8800/8790 & 8770/60, perhaps as far as support at 8770/35.

Trends

Weekly outlook is negative

Daily outlook is positive

Short Term outlook is neutral

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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