US markets are stuck in consolidation channels

Emini S&P March held a small range yesterday.
The low & high for the last session were 6058 - 6098.
Emini Nasdaq March made a high for the day just below resistance at 21900/970
Last session high & low for the last session were: 21669 - 21871.
Emini Dow Jones March low for the day yesterday exactly at support at 44500/400
Last session high & low for the last session were: 44395 - 44749.

Jason Sen DayTradeIdeas.co.uk

Emini S&P March futures

Emini S&P remains in an erratic & random sideways consolidation with no pattern or trend to guide us.
We are stuck in a 1 week range of just 36 points from 5987 up to 6123
We can only try to scalp short term levels for a quick turn.
Minor support again at 6030/20 & longs can target 6060/6070.
Try this trade again today, but longs need stops below 6010.
A break below 6010 meets support at 5990/5980 & longs need stops below 5970.
Targets: 6000 & 6010
A break below 5970 risks a slide to 5940/35 for profit taking on any shorts
Minor resistance at 6110/20.
A break above the 1 week high of 6123 can retest the all time high at 6156/62.

Nasdaq March futures

Emini Nasdaq reversed from just below resistance at 21900/970
Again, we remain in an erratic & random sideways consolidation with no pattern or trend to guide us.
In the sideways consolidation we could slide again towards 21550, perhaps as far as 21340/21280.
If we continue lower look for a retest of support at 21050/20950.
Longs need stops below 20850.
Resistance at 21900/970 & bulls need a break above the all time high at 22152 for a new buy signal this week.

Emini Dow Jones March futures

Bulls need a break above the all time high at 45227 for a buy signal.
Until then risks are to the downside.
A low for the day yesterday exactly at support at 44500/400 & if tested again longs need stops below 44350.
Targets: 44650, perhaps as far as 44750.
A break lower see 44400/44500 act as resistance targeting support at 44100/43950.
Longs need stops below 43850.

Author

Jason Sen

DayTradeIdeas.co.uk

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