E-Mini Nasdaq strong resistance at 4190/4200

Daily Forecast - 22 January 2015

Dax March contract

Dax March direction is down to ECB fundamentals today. However same levels apply for today & bulls will need to hold above 10,270 this morning to retest the all time high 10,316/319. Be ready to go with a break higher today to target 10,350/355 then 10,370/375. Any further gains this week could target 10,440/450 then 10,550/560.

Failure to hold above 10,270 again risks a slide to 10,220/2015 then this week's low at 10,195 before yesterday's low at 10,153. Remember good support at 10,130/120 which could hold the downside but longs need stops below 10,090. However just be aware that on a break lower we should target excellent short term support at 10,040/030.

E Mini Nasdaq March contract

E-Mini Nasdaq strong resistance at 4190/4200 is the key to direction today & shorts need stops above 4225. Be ready to go with a break higher today to target 4245/50. We should struggle here & a high for the day is possible but shorts need stops above 4270. A break higher then sees 4250 act as support for a move towards 4305.

Below 4180 adds some pressure for support at 4150/45 but below here targets the 100 day moving average at 4125/24. A good chance of a bounce from here but if we continue lower look for good support at 4095/4092. Try longs with a stop below 4080. Just be aware that a break lower today targets 4066 then last week's low at 4042/41.

Emini Dow Jones March contract

Emini Dow Jones March resistance again at 17,500/520 & as stated yesterday, shorts need stops above 17,540. Be ready to go with a break higher for the next target & resistance at 17,585/590. Try shorts with a stop above 17,630. Be ready to go with a break higher however, using 17,590 as support for a move up to very strong resistance at 17,685/695. This is an excellent selling opportunity with stops above 17,745.

Failure to beat resistance again at 17,500/520 triggers a drift lower to 17,410/400 & perhaps as far as support at 17,345/330 once again. Failure here today however offers a buying opportunity at 17,270/260 with a stop below 17,200. Watch good support at 17,180/170 which could hold the downside but longs need stops below last week's low of 17,125.

Ftse March contract

FTSE March unexpectedly beat 6637/43 to hit 4 month trendline resistance at 6665/6670. This is the key to today's direction of course, as we become overbought. A break higher however keeps this very strong five-day 430 point rally going and we should then target 6700/05, possibly make it as far as 6731. Any further gains this week should test last month's high at 6758.

Failure to beat strong trendline resistance at 6665/6670 triggers profit-taking down to 6650 before support at 6637/35. If this does not hold the downside look for good support at 6615. It could be worth trying longs here with a stop below 6595. However on a break lower look for a buying opportunity at 6575/70, with a stop below 6550.