Technical forecast for Dow Jones

dow2

Emini Dow Jones Sep13 hit our selling opportunity at 15475/80 & topped exactly here. We then retested 15305 & bottomed exactly here. In between these levels today watch 15404/09 then 15443/50. On the downside watch 15362/56. This market is directionless so we can trade the range while we wait for a breakout. Use 15475/80 therefore as a selling opportunity with stops above 15500 for 15525/30.

15305/15290 could be used as a buying opportunity but a break lower today cannot be ruled out as we think the risk of a range breakout is to the downside. This could target 15260/55. If we continue lower perhaps later in the week we could test good support at 15170/65.

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