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US markets outlook.

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Emini S&P is drifting sideways & likely to continue to do so with no clear direction otherwise.

Nasdaq also likely to continue sideways this week.

Emini S&P I think we trade sideways this week. Above 2711 meets resistance at 2715/16. If we continue higher look for 2722/23. (we topped exactly here) A break higher could retest the high at 2735/38.
Minor support at 2705 & 2697/94 but below here targets 2685 & 2680 before support at 2675/72. A bounce from here is likely. Longs need stops below 2666. A break lower targets 2650/48.

Nasdaq first resistance at 6940/50. A break above 6960 targets 6971/73 & resistance at 6995/99.
Failure to beat 6940/50 targets minor support at 6917/15 then better support at 6885/75. A break lower however targets 6860/57 then last week's low at 6842/40. A break lower this week targets 6830/25 before strong support at 6805/00.

Emini Dow Jones holding above 200 DMA support at 25000 & 100 DMA support at 24900 now. Above 25000 re-targets 25120/130 & minor resistance at 25180/190. A break above 25210 targets 25270, before the high at 25370/375.
Holding below 25000 is more negative risking 24930/920. Minor support at 24865/855 but below 24825 is a minor sell signal targeting 24750/740 & 24710/700.

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About the author

Jason Sen, founder of DayTradeIdeas, began his trading career in the options pits on the ‘open outcry’ trading floor of the London International Financial Futures Exchange (LIFFE) in 1987 at the age of 19, trading a broad range of financial futures and options on his own account. In 2001 when the trading floor closed he successfully made the transition to electronic day trading. Trading the financial markets is all Jason has ever done, every day, for over 25 years!

Jason uses this experience to advise traders at some of the largest Investment Banks and is also the leading provider of daily technical analysis to the UK's professional day trading arcades. The exact same analysis that Professional Traders follow daily is now available to Independent Traders.

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