13 March
1. Emini S&P March futures recover as expected in the longer term bull trend.
2. Emini Nasdaq longs at my buy level of 18000/17900 worked perfectly hitting all targets of 18100, 18160 & 18230, with a high for the day almost exactly here.
3. Emini Dow Jones March futures made a low for the day exactly at support at 38550/500 before a bounce to my upper target of 39000 for an easy 450-500 tick profit.
Emini S&P: bulls remain in control, with buying the dips still the winning strategy, despite the late sell off on Friday.
- Beat 5155 for yesterday’s buy signal targeting 5175 before a retest of 5190/95, which could be seen today.
- A break above 5195 this week can target 5210, perhaps as far as 5224/26.
- Minor support at 5145/35 but longs need stops below 5125.
- Support at 5090/80.
Nasdaq March futures made a low for the day exactly at good support at 18000/17900. Targets for the bounce are 18100, 18160 & perhaps as far as 18230.
- Likely to continue higher in the bull trend. Today’s targets are 18260 & 18350/370.
- Bulls need a break above the all time high of 18436 for the next buy signal.
- We should have good support again at 18000/17900, stop below 17800.
- On a break below 17800 however this could turn the outlook more negative for me & we would of course expect to see 17900/18000 then act as resistance.
- If you reverse in to a short on a break lower look for targets of 17600 & 17400.
Emini Dow Jones March made a high for the day exactly at strong resistance at 38950/39000, again on Friday.
- We made a low for the day on Monday exactly at support at 38550/500. Longs here worked perfectly on the bounce to 39000 for profit taking. If we continue higher look for 39150 before a retest of the all time high at 39290-39343.
- We have been in a sideways consolidation for a month & a half.
- Support again at 38550/500 but longs need stops below 38400. Targets for the bounce are 38900 & 39000 for profit taking.
- If we continue higher look for 39150.
- A break below 38200 however targets 38200/100.
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With almost 40 years experience, Jason Sen began trading his own account on the floor of the London International Financial Futures Exchange at the age of 19, in 1987. He spent 15 years specialising in market making interest rate and index options on floor then moved on to trading forex on screen at the turn of the millennium. He is also recognised as a skilled technical analyst developing this expertise for the last 20 years.
His extensive trading experience from the LIFFE trading floor to screen trading and deep understanding of technical analysis give him a thorough understanding of the financial markets and the factors that drive them.
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