Good recovery for US stock and outlook remains positive [Video]

Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P beat resistance at 6690/6700 which was key to direction.

Yesterday we made a low for the day exactly at my support at 6685/75.

Longs worked perfectly & the break above 6715 was another buy signal - we hit my target of 6770/6780.

A break above 6800 is a new buy signal targeting 6830 & 6850.

Strong support at 6750/6740 & longs need stops below 6730.

Nasdaq futures

Emini Nasdaq we have capitalised on the recovery from the buying opportunity at 24200/24000.

We are testing resistance at 25130/25230 today.

Shorts need stops above 25330.

A break higher is a good buy signal initially targeting 25450/500 then 25800/25850.

Failure to beat resistance at 25130/25230 targets 24900/800.

A low for the morning session is possible here.

However if we continue lower look for a buying opportunity at 24550/24450 & longs need stops below 24300.

Emini Dow Jones futures

Emini Dow Jones has recovered well from the buying opportunity at 100 day moving average & 38.2% Fibonacci support at 45900/45700.

A low for the day yesterday at support at 46350/450 & shot higher to my next target of 46800/850.

The break above 46950 is the next buy signal targeting 47200/300, hit over night as I write.

Minor resistance at 47400/47500 - I think shorts are risky but a break above 47550 is a buy signal targeting 47900/47950.

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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