Emini Dow Jones & Nasdaq JUNE futures. Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

06 May, 2020
Emini Dow Jones & Nasdaq JUNE futures.

Emini Dow Jones shorts at 23760/820 unfortunately stopped just before we sold off to the first target of 23700/650. We then shot higher to 23950/24000 but not quite as far as 24150/200

Nasdaq we wrote: holding above 8835 is positive for the start of the day with minor resistance at 8878/80. A break higher targets 8917/20. If this resistance holds, we have a potential head & shoulders top pattern. Shorts need stops above 8935. A break higher is a buy signal targeting 8990/99, perhaps as far as 9017/20.

We shot higher from 8822 through 8917/20 for a buy signal & we topped exactly at 9017/20.

Today’s Analysis

Emini Dow Jones has traded sideways for a month & we have sold off to again to 23700/650 as I write. Minor support at 23590/550 but below here targets 23450 & 23350/320 before best support for today at 23220/160. Longs need stops below 23000. A break lower is a sell signal targeting 22820/770 & 22650/600. Further losses meet strong support at 22300/200 for profit taking on any remaining shorts.

Strong resistance at 23850/900. A break higher targets 23950/24000, perhaps as far as 24150/200. A break above 24300 targets 24450/500.

Nasdaq topped exactly at 9017/20 & sold off to to 8878/80. Minor resistance at 8910/20 in the short term sideways trend but above here targets 8955/65 before a retest of 9015/20. A break higher targets 9040/45 then 9110/20 before the 9140/45 recovery high.

A break below 8880/77 targets support at 8850/40. A break below 8820 risks a slide to 8800/8790 & 8770/60, perhaps as far as support at 8770/35.

Trends

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

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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.