Nasdaq drifts towards best support again at 12450/400

Jason Sen DayTradeIdeas.co.uk

Emini S&P March breaks support at 4120/10 for a sell signal targeting strong support at 4050/40.

Nasdaq March dipped towards best support at 12450/400, holding just above 12500 as we range trade this week.

Emini Dow Jones March clearly in a sideways triangle pattern for 2 months. Get ready for the breakout!

Daily analysis

Emini S&P March holding strong resistance at 4195/4210 & but broke first support at 4120/10 this time for a sell signal targeting strong support at 4050/40. Longs need stops below 4030. A weekly close below here would be a short term sell signal for the start of next week.

First resistance at 4105/15. Shorts need stops above 4125. A break higher however can re-target 4160/65 before a retest of strong resistance at 4195/4210. Obviously bulls need a break above 4230 for a buy signal this week.

Nasdaq March drifts towards best support again at 12450/400. Longs need stops below 12350 (with a low for the day yesterday at 12366, keeping us long over night). A break lower today however targets 12300/250 then 12130/100 for profit taking on shorts.

Longs at best support at 12450/400 can target 12600/650, perhaps as far as key resistance at 12850/950. A break above 13000 is a buy signal this week initially targeting 13200/220.

Emini Dow Jones first resistance at the January high at 34450/490. A break above here is a buy signal & can target 34650/700, perhaps as far as the December high at 34930/980.

Strong support at 33600/500. Longs need stops below 33400. A break lower is a sell signal targeting 33000/32950.

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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