Jason Sen talks Emini S&P, Emini Dow Jones and Nasdaq - December 2nd

Jason Sen talks Emini S&P, Emini Dow Jones and Nasdaq - December 2nd

Emini S&P December futures hit the 8 month trend line at 4090/95, the downward sloping 11 month trend line & upward sloping 2 month trend line at 4105/10.

A high for the day here although not much of a sell off yet despite overbought conditions. It is make or break day for stock markets with the release of the US non farm payroll number.

Nasdaq December consolidates after Wednesday's strong gains but unable to make a break above the November high.

Emini Dow Jones futures turns lower but no important sell signal yet despite severely overbought conditions.

Remember when support is broken it usually acts as resistance & vice-versa.

Update daily by 06:00 GMT.

Today's Analysis.

Emini S&P December has rejected strong resistance at 4090/95 to 4105/10. Only a weekly close above here will convince me to turn bullish. We then target 4170/90.

Shorts at 4090/4110 can target 4060/50, perhaps as far as first support at 4020/10. A break below 4000 can target 3970/50, perhaps as far as strong support at 3930/10.

Nasdaq December bulls really need a clean break above the November high at 12118 for a buy signal targeting 12250 & 12400.

If we turn lower on the US non farm payroll number look for 12000/11900 then 11750/700. Further losses can target 11550/500.

Emini Dow Jones should meet support at 33900/800. A break below 33600 signals further losses towards support at 33300/200.

Above 34700 can target 35000/35100.

Daily analysis by DayTradeIdeas - 02/12/2022 - 1

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