Emini S&P MARCH we wrote: making a pattern of lower high & lower lows – so…

Emini S&P MARCH we wrote: making a pattern of lower high & lower lows – so…

we will see if this bearish trend continues this week...Further losses look likely to 4270/65...

The index collapsed exactly as predicted to the 4270/65 target.

Nasdaq MARCH we wrote: the sellers returned but we remain in a short term negative trend so I believe that risks are to the downside.

Down we go as predicted to retest the January low at 13730/700.

Emini Dow Jones MARCH volatile with no clear trend or pattern. We could be building a head & shoulders reversal pattern but we are a long way off completion.

Update daily at 07:00 GMT.

Today's Analysis.

Emini S&P collapsed to my target of 4270/65 before incredibly important support at 4195/4185. A break below here could trigger another 15% correction to the downside.

Minor resistance at 4290/4300 then strong resistance at 4350/60. Shorts need stops above 4370. A break higher targets 4395/4400.

Nasdaq broke lower as expected through 14200/150 & 13900/850 to retest the January low at 13730/700. Holding below here could trigger another 700 point loss to 13000/12950. Along the way look for 13500/450.

If bulls can get the index to hold above 13700 in oversold conditions they can trigger a bounce to 13950/980, perhaps as far as 14100/150.

Emini Dow Jones broke 34000/33950 to target 33650/600, perhaps as far as support at 33200/33000. Watch for a low for the day.

Strong resistance at 33900/34000 could see a high for the day. Shorts need stops above 34150. A break higher initially targets 34350, perhaps as far as 34500.

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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