Daily Forecast - 20 November 2014
E Mini Nasdaq December contract
E-Mini Nasdaq trend line support is at 4212 today then good support at 4204/01. Try longs with stops below 4190. However. Be ready to jump into shorts on a break as this is a negative short-term signal and we could quickly target 4180/78. If we continue lower look for good support at 4170/4168. A good chance of a low for the day here so try longs with a stop below 4161.
Immediate resistance at 4230 but above here could target yesterday's high at 4242/43 then November highs at 4248/49. Watch for a high for the day. If however we continue higher today look for 4254 & 4270/75.
Emini Dow Jones December contract
Emini Dow Jones tested the 17600 level to bottom at 17591. Prices topped 13 ticks below resistance at 17695/17700. This all time high could hold a move higher again today as we appear restricted by overbought conditions. Any further gains however could make it as far as 17735/740 then 17770/75.
Watch 17640/630 then yesterday's low at 17590. Be ready to go with a break lower today to target support at 17550/540. Buy into longs expecting a low for the day with a stop below 17510. Just be aware that a break lower however could then target 17455/45 before an excellent buying opportunity at 17400/390.
Mini Russell 2000 December contract
Mini Russell key to direction is the 1156/1154 level today. Below risks a retest of yesterday's low at 1148. If we continue lower look for good support at 1145/44 for a buying opportunity with stops below 1139. Next target & buying opportunity at 1134/32 & a good chance of a low for the day. Longs need stops below 1129.
Above 1161 is more positive & targets immediate resistance at 1168/1169. Try shorts with stops above 1176. If we continue higher today however look for a test of the next resistance at 1186/1187. Exit longs & try shorts from here up to last week's high at 1190.50. It is unlikely we can beat this level today but we need stops above 1193 for a move towards 1203/06 then a retest of all time highs at 1212/13.
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