Stock markets rocket from buy levels

Jason Sen DayTradeIdeas.co.uk

Emini S&P futures

Emini S&P March futures hit the downside target of 6850/6840 & held above 6815 keeping us long for the expected recovery to 6865/6870 & minor resistance at 6890/6900 on Wednesday.

The break above 6910 then triggered further gains as expected to my targets of 6918/20 & 6930/40.

As predicted we made a high for the day at 6945 and shorts worked on the to 6911 yesterday morning.

We wrote yesterday: I do think that we have resumed the bull trend and eventually a break above 6950 we'll be seen. We can then fill the gap at 6960 & above here is a buy signal targeting 6975.

We should be on the way top 6975 & above here look for 7000/7005 today.

Support at 6915/05 & longs need stops below 6895.

Nasdaq futures

Emini Nasdaq March futures made a low for the downside correction exactly at strong support at 25050/25000 as predicted this week.

Longs worked perfectly as we shot higher by 600 points to my target of 25740/750 (although we missed it by just a single point yesterday!).

Further gains are expected towards 25850/860 then resistance at 25950/26050.

A break above here opens the door to a retest of the all time high at 26399.

First support at 25480/25420 & longs need stops below 25350.

Emini Dow Jones futures

Emini Dow Jones March made a low for the correction almost exactly important support at 48550/48500.

The long position worked perfectly as we shot higher from 48488 and straight to my targets of 49000/49100, 49328/49424 & we are on the way to my ultimate targets of the all time high at 49901.

Of course a break higher & weekly close above here is a buy signal for the start of next week.

Support at 49550/49350 & longs need stops below 49250.

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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