Nasdaq: A break above 12,118 is a buy signal [Video]

Emini S&P December futures hit the 8 month trend line at 4090/95, the downward sloping 11 month trend line & upward sloping 2 month trend line at 4105/10, with a high for the day week here.
Nasdaq December lower on the US Nonfarm Payroll number to my target of 11750/700 with a low for the day exactly here.
Emini Dow Jones futures turns lower but no important sell signal yet despite severely overbought conditions.

Jason Sen DayTradeIdeas.co.uk

Friday's dragonfly doji in all 3 markets warns of a potential price decline. A move lower on Monday's candle provides confirmation.

Daily analysis

Emini S&P December has rejected strong resistance at 4090/95 to 4105/10 with a weekly close below here. Obviously a break above this week will convince me to turn bullish. We then target 4170/90.

Shorts at 4090/4110 can retarget 4060/50 & first support at 4020/10. A low for the day exactly here on Friday with longs offered up to 65 points profit. A break below 4000 however is a sell signal targeting 3970/50 & strong support at 3930/10.

Nasdaq December holding below 12000 re-targets 11750/700. Further losses can target 11550/500 & even 11250.

Bulls really need a clean break above the November high at 12118 for a buy signal targeting 12250 & 12400.

Emini Dow Jones should meet support at 33900/800 & in fact we had a low for the day just 35 ticks above here on Friday. A break below 33600 today signals further losses towards support at 33300/200.

Above 34700 can target 35000/35100.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD struggles aroound 1.1800 as USD stabilizes

EUR/USD stays defensive around 1.1800 in the European session on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony fails to impress Euro bulls.

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment.

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.