Are stock markets ready to recover now? [Video]

Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P June futures broke support at 6425/6415 for a sell signal targeting 6370/6360 & made a low for the day at 6360, then an over night low at 6353.
Below here look for 6335/6330 but we could free fall as far as strong support at the 6250/6200 area.
We did bounce back above 6420/6400 to target 6435, 6455 & resistance at 6480/6500.
Shorts here worked perfectly as prices collapsed from 6481.
Watch resistance at 6480/6500 again today.
Bulls need a break above 6520 for a buy signal targeting 6560/6570.

Nasdaq futures

Emini Nasdaq June futures tested the descending trend line going back to 10 October at around 23200/23150 and an important weekly moving average at 23000.
We made a low for the day exactly here yesterday & shot higher to 23574 for up to 375 ticks profit.
Again over night, we saw a bounce from here as we held above 22900, making a low at 22961.
So strong support at 23200/23000 remains key to direction.
If we can recover & hold above 23440, that would also be positive.
Then above 23700 looks more positive.
A break below 22900 however would therefore be a sell signal.
One major concern is the double top pattern from the peaks in late October & late January....the neckline is at 23904 & we broke that on Friday.
In theory, in the longer term we could fall as far as 22000/21500 - which is coincidentally where we meet the 100 day moving average - so it should be an excellent buying opportunity.
A break below 22900 can target 22650/600...probably quite quickly.
And then we have that target & buying opportunity at 22000/21500.

Emini Dow Jones futures

Emini Dow Jones June sold off again to strong support at 45300/45100.
This was key to direction & we saw a strong bounce from here reaching 45915 - a potential profit of up to 650 ticks.
Strong support at 45300/45100 remains key to direction today.
So a break below 44900 should be a sell signal & can target 44400/44300 for profit taking on shorts.
First resistance at 46350/46500.
Shorts need stops above 46700.
A break higher is a buy signal targeting 47200/47300.Emini Dow Jones futures.

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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