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BlogsDAY TRADE IDEAS MAY 10th

MORNING MINUTE EQUITIES,FUTURES & OPTIONS MAY 10thUS CPI YY, NSA* (Apr) 4.9% vs. Exp. 5.0% (Prev. 5.0%)

Darren Krett

Wednesday 10 May 2023

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DAY TRADE IDEAS MAY 10th

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Equity Index

Emini SP 500, Nasdaq, Emini Dow Jones

Emini S&P June trapped in a frustrating, volatile, trendless sideways pattern, holding a 150 point range as we wait for some direction from today’s CPI number. Nasdaq June we have a potential double or even triple top sell signal...as long as we hold the recovery highs at 13330/370. Emini Dow Jones June shot higher to to test what should be strong resistance at 33800/900. Shorts need stops above 34000. Update daily by 06:00 GMT. Today’s Analysis. Emini S&P June again meets strong resistance at 4200/4210. Shorts can target minor support at 4130/20 perhaps as far as the May low at 4075/65. We should find strong support at 4050/40 this week. Longs need stops below 4030. A break lower is a sell signal targeting 4010/50, perhaps as far as 3090/85. A break above 4230 is a buy signal. Nasdaq June all over the place but going nowhere so it is tough to find reliable trading levels in this mess, but a break above 13390 triggers a test of the 100 week & 500 day moving averages at 13460/480. Having rejected the the recovery highs at 13330/370 we can target minor support at 13250/220, perhaps as far as better support at 13160/140. If you try to scalp this level with a long position, stop below 13100. A break lower can target 12950/900. Emini Dow Jones June unexpectedly shot higher to strong resistance at 33800/900. A high for the day exactly here in fact on Monday. Shorts need stops above 34000. A break higher could retest 34300/360 Targets for shorts are 33700, 33550 (with a low for the day exactly ere yesterday), perhaps as far as 33350. Below 33300 look for a retest of last week’s low at 33050/33000.

FX

AUDUSD has now stablised a new range from 6580/70 up to 6790/6810. A high for the day exactly here on Monday so we remain in the 2 month range. Shorts hit my target & minor support at 6750/45. I suggested we take at least some profit here as this market can reverse for no reason in the sideways range. A low for the day exactly here as expected. If you still have a portion of the short position you need a break below 6740 to target 6735, perhaps as far as a buying opportunity at 6720/10. Longs need stops below 6690. Shorts on a retest of resistance at 6790/6810 need stops above 6830. A break higher is a buy signal for this week targeting 6860/70 & 6915/25. NZDUSD only reached 6359 after my buy signal, not as far as my 6380/90 target for profit taking.

I am going to suggest a short today at 6360/70, stop above 6395. A break higher is a buy signal & can target 6480/90. Shorts at 6360/70 target support at 6310/6290 for profit taking. Longs need stops below 6270. NZDJPY retests the upper trend line of the 4 month range at 8550/70. Shorts need stops above 8595. Targets is 8470/50. A break above 8595 should be a buy signal targeting 8630/40 & 8680/90.

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https://youtu.be/2g8gP0IZwOs Emini S&P June we got a second chance to sell in to shorts at strong resistance at 4200/4210 which are work

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