Nasdaq: Is a break above 12700 a buy signal? [Video]

Jason Sen DayTradeIdeas.co.uk

Emini S&P September a low for the day exactly at strong support at 3920/10 on Tuesday & a bounce through resistance at 4010/20 for the next buy signal targeting a sell opportunity at 4080/90.

Nasdaq September a low for the day at first support at 12150/12000 on Tuesday & we shot higher to retest last week's high of 12655/695 yesterday. Anyone bag 500 ticks?

Emini Dow Jones September a low for the day exactly at support at 31750/650. Longs worked perfectly as we hit my targets of 31900/32000 & 32300/400.

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

Daily analysis

Emini S&P holding above 4010/20 targets a sell opportunity at 4080/4100. Shorts need stops above 4120.

Below 4000 meets strong support at 3970/60. Longs need stops below 3945.

Nasdaq longs at first support at 12150/12000 worked perfectly on the bounce to 14400/450 & last week's high of 12655/695. A break above 12700 targets 12900/13000.

Downside is expected to be limited with strong support at 12420/380. Longs need stops below 12350. Strong support at 12150/12000.

Emini Dow Jones longs at 31750/650 offered up to 600 ticks profit on the recovery to my target of 32300/400. Further gains target strong resistance at the 100 & 500 day moving averages at 32650/700.

Downside is expected to be limited with first support at 32000/31900 then strong support at 31820/780. Longs need stops below 31700.

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Author

Jason Sen

DayTradeIdeas.co.uk

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