Emini S&P & Nasdaq March Futures Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

28 Jan, 2020

Emini S&P & Nasdaq March Futures

Emini S&P held first resistance at 3272/75 & broke 3253/52 to target strong support at 3237/35. Bulls did jump in here as predicted for a 20+ point bounce to 3257.

Nasdaq continued lower to 8925, which I did not identify as a support level, but now I look again, there’s a 2 month trend line here.

Stock index support levels on a correction http://youtu.be/b1x0iLpn9Xo?hd=1

Today’s Analysis

Emini S&P longs at strong support at 3237/35 work as we test first 23.6% Fibonacci resistance at 3257/59. A break above 3261 targets 3265/66, perhaps as far as a selling opportunity at 3272/74. Shorts need stops above 3279. A break higher meets quite strong resistance at 3284/85. We should be on in short term at this stage.

Worth trying longs again at 3237/35 (we are in a bull trend!) with stops below 3230. A break lower however risks a slide as far as 3210/06. Try longs at 3195/90 with stops below 3180.

Nasdaq holds 2 month trend line support which has risen to 8955/50 today. We are holding first 23.6% Fibonacci resistance at 9005/15 but above 9020 targets 9040/45 & a selling opportunity at 9055/65, with stops above 9078. A break higher fills the gap at 9105/10. Highly unlikely, but further gains meet a selling opportunity at 9140/50, with stops above 9165.

First support at 8955/50 but below here retests 8925. A break lower risks a slide to 8910/00, perhaps as far as support at 8860/50. Try longs with stops below 8830.

Trends

Weekly outlook is positive Daily outlook is positive
Short Term outlook is negative

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.