Dax 40 March Broke Higher Toward the Next Target at 15710/740
2023.02.10 07:43
Dax 40 March broke higher to the next target of 15710/740 with a high for the day exactly here. We then hit some profit-taking & tumbled to what should be minor support at 15470/430.
March continues to push higher with a new all-time high at 7915, but we are finding resistance at the 5-month trend line.
Remember when support is broken it usually acts as resistance & vice-versa.
Today’s Analysis
Dax March held 5 ticks below the next target of 15710/740. We should find support at 15470/430 today. A break below 15390, therefore, is a sell signal targeting 15290/260. We should at least pause here but longs may be risky. Further losses eventually can target 15190/170.
Chart
First resistance at 15700/740. Shorts need stops above 15770. A break higher can target 15900/950.
FTSE March longs at first support at 7800/7770 worked perfectly after the buy signal targeting the January high at 7850/60 & the all time high of 7875/85 then as far as 7915 yesterday, leaving a second minor negative shooting star candle.
It’s a warning to bulls rather than a sell signal, but there is obviously the risk that the mother of all double top patterns forms if this level holds.
Chart
A break higher meets that trend line resistance at 7935/55.
A low for the day exactly at minor support at 7853/50, but expect better support at 7820/10 so watch for a low for the day here. Longs need stops below 7790. A break lower can target 7760/50.
Emini S&P March breaks support at 4120/10 for a sell signal targeting strong support at 4050/40.
Chart
Nasdaq March dipped towards best support at 12450/400, holding just above 12500 as we range trade this week.
Emini Dow Jones March clearly in a sideways triangle pattern for 2 months. Get ready for the breakout!
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Today’s Analysis
March held strong resistance at 4195/4210 & but broke first support at 4120/10 this time for a sell signal targeting strong support at 4050/40. Longs need stops below 4030. A weekly close below here would be a short-term sell signal for the start of next week.
First resistance at 4105/15. Shorts need stops above 4125. A break higher however can re-target 4160/65 before a retest of strong resistance at 4195/4210. Obviously, the bulls need a break above 4230 for a buy signal this week.
March drift towards best support again at 12450/400. Longs need stops below 12350 (with a low for the day yesterday at 12366, keeping us long overnight). A break lower today however targets 12300/250 then 12130/100 for profit taking on shorts.
Chart
Longs at best support at 12450/400 can target 12600/650, perhaps as far as key resistance at 12850/950. A break above 13000 is a buy signal this week initially targeting 13200/220.
first resistance at the January high at 34450/490. A break above here is a buy signal & can target 34650/700, perhaps as far as the December high at 34930/980.
Strong support at 33600/500. Longs need stops below 33400. A break lower is a sell signal targeting 33000/32950.
