Nasdaq: A break lower 11850 can target 11730/700

Jason Sen DayTradeIdeas.co.uk

Emini S&P March reversed from my next target & 1 month rising trend line resistance at 4095/4100 to hit first support at 4045/35. A low for the day here but longs need stops below 4025.

Nasdaq March wiped out all of Friday's strong gains as we establish a new sideways range.

Emini Dow Jones March clearly in a sideways pattern for 2 months.

Daily analysis

Emini S&P March held 1 month rising trend line resistance at 4095/4100 today after that 100 point jump I expected by the end of the week. The bearish engulfing candle on the 1 hour chart triggered a move to first support at 4045/35 exactly as predicted. Longs need stops below 4025. A break lower meets a buying opportunity at 4000/3990. Longs need stops below 3980.

Longs at 4045/35 can target 4075, perhaps as far as resistance at 4100/4110. A break higher can retest the December high at 4140/45.

Nasdaq March bearish engulfing candle on the 1 hour chart triggered a move to the downside exactly as predicted to first support at 12000/11950, with a low for the day right here. Longs need stops below 11850. A break lower today can target 11730/700.

A bounce from first support at 12000/11950 targets 12300 then 12460/480.

Emini Dow Jones hit my next target of 34180/200 on Friday then reversed on Monday breaking support at 33980/930 to hit my next target of 33800/750, with a low for the day exactly here. A break below 33700 however risks a slide to 33500/450.

We should have strong resistance at 34150/200. Shorts need stops above 34300.

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Author

Jason Sen

DayTradeIdeas.co.uk

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