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Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P September futures collapsed below strong support at 7605/7590 & support at 7570/7560 to hit 7472 on a hawkish FOMC meeting.

However over night we have recovered well to what should be resistance at 7560/7570.

This should be key to direction today. Failure to beat this resistance risks a slide to 7540/35.

A bounce from here is possible but longs need stops below 7425.

A break lower targets 7515/05.

Below 7495 risks a retest of yesterday's low & support at 7477/72.

Longs need stops below 7460.

A break above 7575 is a buy signal targeting 7590/7595.

Above 7600 look for 7618/23.

Emini Nasdaq futures

Emini Nasdaq SEPTEMBER collapsed to my lower target & support at 30050/30000.

A low for the day was expected here & we saw a very strong bounce from 29923.

Longs worked perfectly on the recovery to 30438.

Holding above 30400/30300 is more positive for today, targeting 30550/600.

We should struggle here but shorts may be too risky in the longer term bull trend.

Further gains can target 30730/780 then 30910/970. If we continue higher this week, we can retest the September contract high at 31100.

A break higher targets 31130/190 then 31450/500 & even 31770/830 is possible.

A break below 30300 risks a retest of strong support at 30050/30000 which should hold the downside at this stage.

Longs need stops below 29880.

Emini Dow Jones futures

Emini Dow Jones SEPTEMBER collapsed to 51839 but we are seeing a good recovery to 52273 over night.

Yesterday we posted a bearish engulfing candle but i am not going to pay attention to this formation at this stage.

Minor resistance at 52370/400 but above here can target 52610/660, before a retest of the new all time high at 52734.

Further gains can target 52880/930 & 53220/270.

Above here look for 53440/490.

First support at 52150/050 & longs need stops below 51950.

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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