Emini SP 500 has lost 300 ticks since Wednesday morning

Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P June futures broke below 6665/6655 to target 6605/6600. On Friday we collapsed from minor resistance at 6685/6695 over night.
The break below 6600 then hit targets of 6585 & support at 6540/6520.
We made a low for the day exactly here.
A move below 6520 starts this week with a sell signal.
We hit 6505 & stabilised but we have lost 300 ticks since Wednesday morning.
There is important support at 6540/6520 on the longer term charts so this is key to direction.
We need a move back above 6560 for a less negative outlook but we meet minor resistance at 6590/6610.
A break above 6620 however can target strong resistance at 6655/6655.
Shorts need stops above 6680.
A break below 6495 is a sell signal targeting 6485/6480 then 6455/6450.
Further losses meet strong support at 6420/6410 & longs need stops below 6395.

Nasdaq futures

Emini Nasdaq June futures hit the target of 25,240/25210 & the break below 25,200 saw us make a low for the day just 21 ticks above my next target of 23,950/23,900.
On the over night open we have now hit that target.
First resistance at 24,100/24,200 this morning.
Above 24200 look for 24,350/400, perhaps as far as resistance at 24,600/24,700 - shorts need stops above 24,800.
A break below 23,860 signals further losses towards 23,740/720 then 23,600/23,550.

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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