Nasdaq: A break higher 12750 is a buy signal

Jason Sen DayTradeIdeas.co.uk

Emini S&P September beat strong resistance at 3985/95 to target strong resistance at 4060/80. A high for the day exactly here in fact.

Nasdaq September futures longs at support at 12100/12000 worked perfectly on the bounce to my target of 12400/450 for profit taking. We then hit strong resistance at 12600/700, with a high for the day exactly here.

Emini Dow Jones September futures hit my next target & strong resistance at 31700/800 but we continued higher to the next target of 32200/300.

Remember when support is broken it usually acts as resistance & vice-versa.

Daily analysis

Emini S&P making a break above strong resistance at 3985/95 to target strong resistance at 4060/80. Anyone make 60-70 points profit on a long? Shorts need stops above 4095. A break higher targets 4130/40 & possibly 4155/60.

Shorts at strong resistance at 4060/80 target 4035/30. If we continue lower look for strong support at 4005/3995.

Nasdaq longs at 12100/12000 worked as we hit 12400/450 for profit taking, then made a high for the day exactly at strong resistance at 12600/700. Shorts need stops above 12750. A break higher is a buy signal targeting 12850 & 13000/13100.

Shorts at strong resistance at 12600/700 target strong support at 12400/350. Longs need stops below 12300.

Emini Dow Jones beat resistance at 31700/800 for a high for the day at the next target of 32200/300, perhaps as far as 32500/600 this week.

Holding minor resistance at 32200/300 risks a slide to 32000 & perhaps as far as 31850/750 for profit taking.

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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