Stock markets gap lower on the open

Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P March futures has gapped lower to test support today at 6920/6910 & ran as far as 6888 but immediately recovered So there is still a chance that this support will hold today.
A recovery from here can target 6950 & 6970.
Above 7020 retests the all time high at 7036.
A break higher targets 7046/48.
A break below 6885 risks a slide to 6850/6840.

Nasdaq futures

Emini Nasdaq March futures are back below 25500/2550 this morning but we have bounced nicely from the next downside target of 25300/25250.
Longs need stops below 25190 and of course bulls will want to see us fill the gap up to 25592.
This should be the main resistance of the day, so a break above 25610 should be encouraging targeting 25740/750 & 25850/860.
Resistance at 25950/26050.
Maybe a break higher opens the door to a retest of the all time high at 26399.
However a break below 25190 tests strong support at 25050/25000 - longs need stops below 24850.

Emini Dow Jones futures

Emini Dow Jones March retests support at 49050/48950 with a low for the day so far exactly here.
On a retest today, longs need stops below 48850.
Obviously bulls need a break above the all time high at 49901 to start a new leg higher in the longer term bull trend.
A break above 50000 can target 50330/50380.

Author

Jason Sen

DayTradeIdeas.co.uk

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