Technical forecast for Dow Jones

dow4

Emini Dow Jones Sep13 in a 2 week down trend & hit our target & very strong support at 15050/35 for a buying opportunity & an end to this correction. We have bottomed exactly here in fact as we start to look oversold short term. A bounce from here is possible then up to 15150. Use this for profit taking on any longs & we can then try shorts up to 15180.

Look for a high for the day here but shorts need stops above 15215 for a selling opportunity at 15260/65. Exit longs & try shorts with stops above 15290 for a test of resistance at 15320/25. Longs at 15050/35 need stops below 15000. A break lower cannot be ruled out in this short term down trend and could target 14905/00. Exit shorts & try longs expecting a low for the day but be aware that there is further strong Fibonacci support at 14855.

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