Daily Forecast - 26 September 2014

E Mini Nasdaq December contract

E Mini

E Mini Nasdaq held by resistance at 4089/90 as we became overbought short term & failure to break higher triggered much heavier losses than expected. **NOTE WE HAVE HIT & HELD 5 MONTH TREND LINE SUPPORT AT 3999** IF THIS IS STILL A BULL MARKET WE WILL BOTTOM HERE & END THE CORRECTION (as I suspect).** Above 4012/13 helps to confirm this theory & targets short term Fibonacci resistance at 4019/20. This should hold initially but a break higher perhaps later in the day targets 4032/34. A high for the day is expected, but shorts need stops above 4043. Go with a break higher then to target 4053/55 for a selling opportunity with stops above 4060.

If we cannot beat 4012/13 we may bounce around from here down to 4000/3998. WE MUST BE PREPARED FOR A BREAK LOWER. This will trigger big stops & quickly target 3991 & perhaps as far as 3978/77. If we continue lower look for a buying opportunity at 3957/55, with stops below 3946.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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