Emini S&P December retests first support at 4665/55

Emini S&P December retests first support at 4665/55

Video analysis: 

Emini S&P December retests first support at 4665/55 which has held each time it has been tested over the past 4 days.

Nasdaq December dips to strong support at 16120/09 & is holding. Longs need stops below 16060. A break lower is a sell signal.

Emini Dow Jones December reached targets 36000 & 36100 but then collapsed to first support at 35800/700. This level is revised to 35700/600 this morning.

Update daily at 07:00 GMT.

Today's Analysis.

Emini S&P longs at first support at 4665/55 target 4690, perhaps as far as 4710/15, hit this morning. We continue higher looking for 4725/29 before a retest of the all time high at 4740. Obviously a break above here is likely to start the next leg higher in the bull trend.

First support again at 4665/55. Longs need stops below 4645. Further losses meet strong support at 4630/20. Longs need stops below 4610.

Nasdaq December holding strong support at 16120/090 but longs need stops below 16060. A break lower is a sell signal targeting 16000 & strong support at 15900/850. Longs need stops below 15800.

Longs at 16120/090 target 16200/230. If we continue higher look for 16300, 16350 & perhaps as far as resistance again at the 2 week highs of 16430/455. Shorts need stops above 16480. A break higher targets 16500/510 then 16600/620 before a retest of the all time high at 16767.

Emini Dow Jones December first support at 35700/600. Longs need stops below 35500. Next target & minor support at 35300/200. Longs need stops below 35100.

Longs at first support at 35700/600 target 35900/36000 then 36100/120. If we continue higher look for 36250 before a retest of the all time high at 36466.

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Jason Sen

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises 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. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk