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

 

Emini S&P & Nasdaq March Futures

25 Feb, 2020

Emini S&P held below 3298/3300 targeting 3279/77 & then broke 2.5 month trend line support at 3268/66 as well as strong support at 3240/37 to target 3218/16.

Nasdaq broke 9125 to target 9075/65 but unexpectedly bounced half way to the next target of 9025/15.

Today’s Analysis

Emini S&P bounces 45 points over night as I write to first resistance at 3256/59. A break above 3266 signals further gains to a selling opportunity at 3283/85, with stops above 3291. Resistance again at 3298/3300 & yesterday’s high at 3312/14.

Shorts at 3256/59 target 3242/40 , perhaps as far as 3230. Further losses retest support at 3218/14. with good support at 3208/06. A break below 3202 however risks a slide to 3187/85.

Nasdaq has bounce to the first 23.6% Fibonacci resistance at 9210/14. Shorts need stops above 9230. A break higher targets 9251/53, perhaps as far as strong resistance at 9277/83. If we continue higher look for 9300/03 then a selling opportunity at 9315/19. Stop above 9335. A break higher retests yesterday’s high & resistance at 9365/75.

Shorts at 9210/14 target 9160/55 & 9135/25. On further losses look for 9105/00. Expect support at yesterday’s lows of 9070/40. A break lower targets 9025/20 & below 9000 look for support at 8975/65. A break below 8945 signals further losses to 8920/10 then a buying opportunity at 8840/30.

Trends

Weekly outlook is positive Daily outlook is neutral
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.