Technical forecast for Dow Jones

dow1

Emini Dow Jones Sep13 headed higher but failed just below the target of 15270/90. As stated yesterday we should struggle here & a high for the day is possible but if we continue higher look for a test of June highs at 15343/48.

We are however very overbought short term & therefore there is a risk for a move lower towards 15180 & possibly as far as 15138. A low for the day is possible here but if we continue lower look for a buying opportunity at 15075/65. We should see a bounce from here but longs need stops below 15020.

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 always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More