Emini SP 500_Nasdaq Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

 

05 Feb, 2020
Emini S&P & Nasdaq March Futures

Emini S&P beat strong resistance at 3261/64 to target 3276/78 & quite strong resistance at 3289/91 but shorts were stopped above above last week’s high at 3297.

Nasdaq powers higher through last week’s high at 9245/48 & the January high at 9283/87 for a new all time high at 9369.

Today’s Analysis

Emini S&P: You can’t beat the bulls for long in this trend. First support at 3288/84 but below 3280 risks a slide to 3273/71. Downside likely to be limited. Try longs at 3261/59 with stops below 3255.

Holding first support at 3288/84 targets 3295/97 & the recovery high at 3305. A break higher targets 3310/12 & 3319/21, perhaps as far as 3325.

Nasdaq rockets to a new all time high. No question the bulls remain in control after a small correction. A break above the new all time high at 9369 targets 9390/95 & 9410/20. A break above 9425 targets 9460/65.

Minor support at 9315/10 then better support at 9285/80. Downside is expected to be limited as shorts get squeezed but below here look for support at 9250/46.

Trends

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

 

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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.