Emini SP 500: Minor resistance at 3060/70

Jason Sen DayTradeIdeas.co.uk

Emini S&P September Futures broke 3110/00 & initially bounced from the first target of 3083/81, giving us a chance to short at 3100/10. We then collapsed hitting all targets of 3070/60, 3040, 3030 & 3025/23.

Nasdaq September Futures remain choppy. Longs at 10090/070 were stopped below 10030 but we hit the next target & buying opportunity at 9950/30 & bottomed exactly here. This level has offered more than 1 opportunity to turn a 100 tick profit, so obviously remains key to direction today.

Today's Analysis

Emini S&P minor resistance at 3060/70 on the bounce but try shorts at 3090/3100 with stops above 3110. A break higher targets 3125/28, perhaps as far as 3140/45.

Failure to beat 3060/70 sees a retest of 3025/23. On further losses look for 3015/11 perhaps as far as 3000/2995. We should meet strong support at 2982/78.

Nasdaq likely to remain choppy but longs at 9950/30 are working as a scalping level. First resistance at 10050/080. Shorts need stops above 10110. A break higher is a buy signal targeting 10155/165 & 10220/230 before a retest of 10285/295. A break higher in the bull trend target 10360/380 & 10440/460.

Longs at 9950/30 stop below 9890. This is a sell signal targeting 9840/30 & 9780/70, perhaps as far as 9730/20.

Trends

Weekly outlook is positive.

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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