Daily Forecast - 17 October 2014
E Mini Nasdaq December contract
E-Mini Nasdaq hit our medium term buying opportunity at 3700/3690 & bottomed almost exactly here at 3684. It does look like yesterday will mark a low for the correction. *IT IS TOO RISKY TO RUN SHORTS ANY FURTHER.* We do expect a recovery in to next week. We can change strategies now & buy in to weakness rather than sell in to strength. Any return to 3700/3690 is a medium term buying opportunity with stops below 3665. However be aware we have quite good support at 3735/30 which could hold the downside today & trigger a good recovery.
Immediate resistance at 3772/75 but above here is a positive signal & targets strong resistance at 3791/94. We should struggle here & a high for the day not out of the question. HOWEVER outlook is increasingly positive so any shorts need stops above 3805. Be ready to jump in to longs on a break higher using 3795/91 as good support & look for a recovery to 3818 then 3828/31. A break higher is more positive of course & targets strong resistance at 3853/58.
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.
Recommended Content
Editors’ Picks
EUR/USD alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.