Jason Sen talks Emini S&P, Emini Dow Jones and Nasdaq positions - January 17th
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Emini S&P March - It's make or break for Emini S&P today as we test:
The 1 year 38.2% Fibonacci resistance at 4000
The 5 month 61.8% Fibonacci resistance at 4012.
The 1 year downward sloping trend line at 4020.
In overbought conditions.
Even on the short term charts, taking my Fibonacci levels from the December high, we have a 61.8% resistance at 4008.
Nasdaq March has recovered 50% of the December loss & closed above the 100 day moving average at 11565.
We have a 3 month bear flag in the Emini Nasdaq as we test the red 200 week moving average resistance.
Emini Dow Jones March
Update daily by 06:00 GMT.
Today's Analysis.
Emini S&P March held resistance at 4000/4020. Targets for shorts are 3950/40 & 3900/3890.
A sustained break above 4030 signals a bullish breakout & I have to take this as a medium term buy signal. A minimum 100 point jump would then be expected.
Nasdaq March we wrote: break above 11570 can target 11650/700. A high for the day at 11638, so I was pretty close!! If we continue higher look for 11900/950.
A minor negative candle yesterday but I must wait for a sell signal - no sign of a turn yet, although bulls need prices to hold above 11580/530 to remain in full control. A break below 11500 risks a slide to 11450/400, perhaps as far as 11250.
Emini Dow Jones support at 34100/050 with a bounce to target 34450/500. Further gains can target 34700.
Until we get a sell signal, we can buy at support at 34100/050. Below 34000 however risks a slide to support at 33870/840.
