Stock market warning [Video]

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures broke support at 7520/7510 for a short term sell signal targeting 7470/65 (a low for the day just 3 points above here) & 7550/40 for profit-taking on shorts.

Support at 7445/35 & longs need stops below 7425.

We now have strong resistance at 7530/7540 & shorts need stops above 7550.

A break higher initially targets 7570/7575.

Emini Nasdaq SEPTEMBER broke important support at 29150/29050 for a short term sell signal targeting 29590/560 & reached as far as 28408.

Shorts at resistance at 29000/29150 worked on the slide from 29050 to 28713 later in the session.

We meet strong resistance at 29050/29200 & shorts need stops above 29350.

A break higher however can target 29700/29750.

Further losses look likely & a break below 28400 targets the early June low at 28270/28225 over the next 2 or 3 sessions.

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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