Emini SP500: Bull market run unlikely

Jason Sen DayTradeIdeas.co.uk

Emini SP500_Nasdaq

Emini S&P September Futures unexpectedly strong yesterday on the unemployment numbers although the levels worked. We beat 3116/18, which then worked as support, pausing at 3128/29 before we hit 3143/45 & topped exactly at 3155/57. We then collapsed to 3116/18.

Nasdaq September Futures continue higher through strong resistance at 10290/310 to targets of 10360/380 & 10430/450 (holding just 8 ticks below).

Daily Analysis

Emini S&P likely to remain in more of a sideways trend, rather than start a bull market run. First support at 3115/10 but below 3100 risks a slide to strong support at 3075/70. A break below 3060 targets 3050 & 3035/30.

Minor resistance at 3143/45 & 3155/57. A break higher targets 3165/68 then 3190/95.

Nasdaq held 10430/450 but above here targets 10490/505. On further gains look for minor resistance at 10610/630.

First support at 10320/300 & longs need stops below 10250. A break lower targets 10180/160.

Trends

Weekly outlook is positive

Daily outlook is neutral

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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