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Stock markets are holding important support levels

Emini S&P September futures

  • Emini S&P held just above support again at 6360/50 so watch this level again this morning.
  • With much anticipated Powell's speech later today, watch the best support  at 6335/6320.
  • Longs need stops below 6300. There is a very good chance of a strong recovery from here.
  • However a break below 6300 is a short term sell signal targeting 6240/30.
  • Minor resistance at 6450/6460 - I do not like to sell in bull trends but this is the best chance of a high for the day.
  • If you try a short, stop above 6470.
  • A break higher is a buy signal targeting 6500/6505.

Nasdaq September futures

  • Emini Nasdaq hit 3 month trend line support at 23100/23000 & this is very important.
  • Longs need stops below 22850.
  • A low for the day correction at 23100/23000 is very likely but a break below 22800 is a sell signal targeting 22400/22300.
  • A recovery meets resistance at 23900 up to the all time high at 24068.
  • Bulls need a break above here for the next buy signal.

Emini Dow Jones September futures

  • Emini Dow Jones needs a daily close above new all time high at 45371 for a new buy signal.
  • Failure to beat 45400/45450 triggered a move to 44800/750 as predicted.
  • I expect strong support at44600/44500 & longs need stops below 44350.
  • Just be aware that a break lower is likely to test strong support at 44100/44000.

Today’s trade ideas

Author

Jason Sen

Jason Sen

DayTradeIdeas.co.uk

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