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Nasdaq: A break lower 13000/12900 could send prices down another 1000 points eventually [Video]

  • Emini S&P MARCH still holding strong resistance at 4265/75 in a quiet session.

  • Nasdaq MARCH manages a recovery to first resistance still at 13750/850. Shorts need stops above 13950.

  • Emini Dow Jones MARCH hit my target & support at 32400/300. A low for the day exactly here. The bounce beat resistance at 32800/900 but made a high for the day exactly at the next target of 33250/300. We held this level all through yesterday & overnight.

Daily analysis

Emini S&P sees a recovery to strong resistance at 4265/75 with a high for the day here. I think gains are likely to be limited but above 4290 can target 4320/25, perhaps as far as a sell opportunity at 4370/80. Shorts need stops above 4400.

If we hold strong resistance at 4265/75 & reverse, look for 4220/10 (a low for the day here yesterday in fact) then support at 4195/4185. I guess we need a weekly close below here for my important sell signal with a break below 4140 to retest the February low at 4101. Obviously, a break below here adds pressure for 4060/50 & pro as far as 4010/00 eventually.

Nasdaq bounces to first resistance still at 13750/850 with a high for the day exactly here. Shorts need stops above 13950. A break higher however targets 2-month trend line resistance at 14100/150. Shorts need stops above 14250 for a test of strong resistance at 14350/400.

Holding first resistance at 13850/750 re-targets 13500/450 (hit yesterday, with a bounce from 13996) before important longer-term support at 13000/12900. Longs need stops below 12800. A break lower however could send prices down another 1000 points eventually.

Emini Dow Jones certainly volatile but still holding strong resistance at 33250/300 (with a high for the day exactly here yesterday). Shorts need stops above 33600. A break higher targets strong resistance at 33900/34000.

Holding 33250/300 targets 32900/800 before support at 32400/300. A break below 32000 is then a very important longer-term sell signal & could see 750 tick losses almost immediately.

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Author

Jason Sen

Jason Sen

DayTradeIdeas.co.uk

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