Daytrading Technical Analysis · Trading Game Plan

2016/11/03 – Intraday Charts & Game Plan

Futures

 

Dow 30

Support: 17850, 17639

Resistance: 18000, 18065

Game Plan: Despite all negativity, Dow has been able to hold Sept lows, and overnight challenging Oct 13 swing low. A break above points to 18000 as next level. Continue to watch Dow for cues of broader market sentiment – if break below Sept lows, watch out for a waterfall drop.

20161103-YM.png

S&P 500

Support: 2083, 2067

Resistance: 2102, 2110, 2122

Game Plan:  Strong rebound overnight but strong resistance at previous broken horizontal support at 2102. Sell the rally mode still on.

20161103-ES.png

NDX 100

Support: 4700, 4623

Resistance: 4760, 4780

Game Plan: Hit strong support 4700 and rebounded overnight. Trading range between 4700 and 4760 to likely continue in the short-term.

20161103-NQ.png

Crude Oil

Support: 45, 44.7

Resistance: 46.7, 47

Game Plan: Relief rally underway inside a steep down channel. Remain bearish bias until channel breaks. Short at 46.7 area or long at 44.6

20161103-CL.png

Gold

Support: 1284, 1265

Resistance: 1306, 1320

Game Plan: Sharp drop after retesting key shoulder line. Risk of forming a very large H&S. Near support at ST up channel breakout area, but the daily close will be important.

20161103-GC.png

10-Yr Treasury Note

Support: 129.81, 129.27

Resistance: 130.4

Game Plan: Runs out of steam on improved risk appetite. Should backtest the broken descending wedge near 129.81.

20161103-TY.png

US Dollar Index

Support: 97, 96.5

Resistance:  97.52, 98

Game Plan: Found support at early Oct swing high near 97. Still in sell the rally mode towards 98 to form potential H&S pattern.

20161103-DX.png

Nikkei 225

Support: 17000, 16700

Resistance: 17160, 17270

Game Plan: Bouncing back above 17000 with potential morning star reversal which should provide a good near-term bottom. Look for backtest of broken up trend near 17300 for short entry.

20161103-NK.png

Currency Pairs

USD/JPY

Support: 102.81

Resistance: 103.25, 104.5

Game Plan: Bleeding has stopped and a break back above 103.25 would point to squeeze further to 104.5 area to form right shoulder.

20161103-USDJPY.png

EUR/USD

Support: 1.1023, 1.0973

Resistance: 1.1112, 1.1127

Game Plan: Finally stalled at cluster of trendline resistance above 1.11. Likely pullback further towards towards low 1.10 area before the next leg up

20161103-EURUSD.png


GBP/USD

Support: 1.2450, 1.2302

Resistance: 1.2711

Game Plan: Wow can you spell S-Q-U-E-E-Z-E? Confirmed break above descending trendline would have thin air until pre-flash crash swing point at 1.2711. Wait for 4-hr candle to confirm though. All dips now should be bought to 1.2302 (if any)

20161103-GBPUSD.png

AUD/USD

Support: 0.7600, 0.7567

Resistance: 0.77, 0.7720

Game Plan: Directionless trading in past month but may finally break ST wedge. Horizontal resistance looms above 0.77.

20161103-AUDUSD.png


 

USD/CAD

Support: 1.3308

Resistance: 1.345

Game Plan: Still can’t break loose after taking out swing highs from earlier October, bounded by upper channel line and in a tight range. Buy on break above 1.345 or at 1.3300

20161103-USDCAD.png

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