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Emini S&P and Nasdaq analysis: Are major banks predicting a sell signal in the market?

Jason Sen DayTradeIdeas.co.uk

Emini S&P September could be forming a short term head & shoulders or a diamond top after we failed to retest last week's high at 4634.

We are trading below the 100 & 200 hour moving averages which is a warning to short term bulls. We are testing support at 4570/60 but I am less confident this will hold today & a break below 4550 should be a sell signal to target 4535 & 4510/4500.

Resistance at 4600/4610. A break higher can retest 4630/35. A break above 4640 is a buy signal & can target 4670/75, perhaps as far as 4695/99.

Nasdaq September has traded sideways for 2 weeks in a range from 15522/483 up to 16062.

Short term support at 15700/650. A break below here is a sell signal for today & can target 15470/420.

A break below 15400 is the next sell signal for this week targeting 15300/250.

Minor 2 week trend line resistance at 15800/850. A break above 15900 can retest the July recovery high at 16040/16060. A break above here can target 16300/350.

Emini Dow Jones September staged a recovery after Thursday's negative action & we retested Friday's high but held which means we have a potential double top pattern forming. The question now is whether we break above Thursday's high at 35843 to continue the bull trend or Thursday's low & support at 35375/345. (I favour a break lower but I am only guessing).

A break lower confirms the double top for a sell signal targeting 35100/35000, probably as far as 34850.

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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Emini S&P and Nasdaq analysis: Are major banks predicting a sell signal in the market?

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