Emini S&P, Nasdaq, AUDUSD, NZDUSD, USDJPY & more..Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

STOCK MARKETS HIT ALL MY SELL LEVELS – I THINK THE BEAR TREND RESUMES. TODAY WE WILL FIND OUT IF I AM RIGHT OR WRONG!

Emini S&P we wrote: gains are likely to be limited in overbought conditions now. I’m still hoping for a selling opportunity at 2860/2900 but there is an increasing risk that we top just below this important resistance area.

Pretty close as we topped at 2846. This is good enough for me – longs are too risky now & I am expecting bears to seize control. Bulls will need prices to break & hold above 2900 to regain control.

Nasdaq beats strong resistance from 8200/8210 up to 8300 for a short term buy signal targeting our selling opportunity at 8550/8600 with stops above 8700.

Tricky – we reached 8710 so we over shot – if it was not for the Emini S&P & Dow Jones holding important selling opportunities, I would suggest the Nasdaq has broken higher. However in severely overbought conditions we need to watch 8550. If we dip & hold below here the outlook turns negative.

AUDUSD we wrote: struggles as expected in overbought conditions although we have no sell signal so shorts are risky at this stage. My best bet is that we start to trade in a more sideways consolidation but if we can beat 6415/20, expect to meet strong resistance at 6440/50 for profit taking on longs.

We topped exactly at 6440/50. Obviously this is key to direction in severely overbought conditions.

NZDUSD we wrote: trades sideways with the initial range expected to be from 6060/50 up to 6110/20.

We over ran a little to 6130 but we are holding those levels as expected in severely overbought conditions. NOTE THAT A NEGATIVE HEAD & SHOULDERS PATTERN IS FORMING IN THE VERY SHORT TERM.

USDJPY broke strong support at 108.30/20 for a sell signal with all targets hit as far as 107.00/90 for a potential 120 pips profit already this week.

EURJPY longs at strong support at 117.40/30 work perfectly but missed first resistance at 117.90/118.00 by just 9 pips.

EURUSD making a break above minor resistance at 1.0960/70 in the longer term sideways trend.

USDCAD bottomed exactly at 1.3855/45 & held first resistance at 1.3920/30.

Gold we were buying in to weakness & doing so at support at 1710/09 certainly worked. We shot higher to beat 8 month trend line resistance at the 1721/23 in the bull trend & reached 1746.

Silver a little higher to strong resistance at 1590/92 in severely overbought conditions.

WTI Crude clearly remains trading in a range as expected. 2180/70 was the key level yesterday. Once broken it worked as resistance  before prices collapsed as far as support at 2010/1990. We bottomed exactly here with some short term bullish candles signalling a potential bullish TRIPLE bottom.

Dax we wrote: outlook remains positive for today with a break above 10700 targeting a selling opportunity at 10850/900…

We missed it by just 38 ticks & there is a very good chance that this marks the end of the recovery after a 50% bounce.

Trading levels Stop
AUDUSD Key resistance at 6440/50 is holding
NZDUSD Trades in sideways direction as expected BUT
NZDUSD negative HEAD & SHOULDERS is forming
NZDUSD selling opportunity at 6195/6205. above 6225.
USDJPY broke 108.30/20 for a sell signal, all targets to 107.00/90
EURUSD trades in a sideways range
Gold severely overbought, could trade sideways
Gold buying opportunity at 1705/03 below 1700
silver Gains likely limited in severely overbought conditions.
WTI Crude potential RARE TRIPLE BOTTOM BUY SIGNAL
Stock markets had last push higher today for a huge selling opportunity
Emini S&P OUTLOOK NEGATIVE
Emini Dow Jones We are definitely short now after a high at 23967!
Risk a maximum of 1% of your account on any one trade.

Regards,


Jason Sen.

Director.

Financial Markets and Political Commentary

 

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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.