Nasdaq: Selling opportunity at 9315

Jason Sen DayTradeIdeas.co.uk

Emini Dow Jones/Nasdaq

Emini Dow Jones & Nasdaq March futures.

Emini Dow Jones crashed through good support at 28400/28375 to target minor support at 28240/220 & better support at 28060/040 but this did not hold for long & we bottomed just 36 ticks from the next target of 27900/880.

Emini Dow Jones_Nasdaq the next target of 27900/880 Nasdaq broke 9125 to target 9075/65 but unexpectedly bounced half way to the next target of 9025/15.

Daily Analysis

Emini Dow Jones bounces from the lower target of 27900/880 back to first resistance at 28220/240. Shorts need stops above 28300. A break higher targets minor resistance at 28380/390 then strong resistance at 28450/470. Shorts need stops above 28530 for 28630/650.

Shorts at first resistance at 28220/240 target minor support at 28030/000. Below 27950 risks a retest of 27880/845. A break below 27800 meets a buying opportunity at 27700/660, with stops below 27550. A break lower targets 27400/390 then 27320/300.

Nasdaq has bounced to the first 23.6% Fibonacci resistance at 9210/14. Shorts need stops above 9230. A break higher targets 9251/53, perhaps as far as strong resistance at 9277/83. If we continue higher look for 9300/03 then a selling opportunity at 9315/19. Stop above 9335. A break higher retests yesterday's high & resistance at 9365/75.

Shorts at 9210/14 target 9160/55 & 9135/25. On further losses look for 9105/00. Expect support at yesterday's lows of 9070/40. A break lower targets 9025/20 & below 9000 look for support at 8975/65. A break below 8945 signals further losses to 8920/10 then a buying opportunity at 8840/30.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is negative.

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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