US stock markets plunge to support levels

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures collapsed as far as support at 5635/25 The low & high for the last session were 5632 - 5717. (So you can compare the spread to the contract you trade).
Emini Nasdaq September futures collapsed to support at 20100/20050. Last session high & low for the SEPTEMBER futures contract: 19965 - 20597.
Emini Dow Jones September futures continue higher as expected. Last session high & low for the SEPTEMBER futures contract: 41095 - 41546.

Emini S&P September futures

Collapsed through support at 5675/65 to the next support at 5635/25 & made a low for the day here. Longs need stops below 5620.
I would take a break below 5620 as a sell signal targeting 5600/5595. I think there is a good chance of a low for the day here but longs need stops below 5585.

Nasdaq September futures

Emini Nasdaq hit the buying opportunity at 20100/20050 & over ran to 19965 but made a quick recovery from here. I am looking for targets of 20200 & 20320. I would not rule out a recovery as far as 20450.
I would try a short at 20580/620, with stops above 20690. Targets: 20500, 20400, 20250

Emini Dow Jones September futures

Beat the all time high at 40350/360 for an important buy signal for this week hitting targets of 40630/660 & 40710/750 but we have reached as far as 41299
Next targets: 41350/400 (hit yesterday) & 41680/710 (possible today). Support at 40680/630 & longs need stops below 40500.

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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