Mini Russell 1199/98 level is key to direction again today

Daily Forecast - 10 February 2015

Emini Dow Jones March contract

Emini Dow Jones overbought and chances are we will continue lower. First support level at 17,680/670 is key to direction and if this does not hold the downside we are likely to retest yesterday’s low at 17,624 & perhaps see 17,615/600. However we don't meet strong support until the 17,500/17,535 area. There is a good chance of a low for the day here but longs need a stop below 17,500. Be ready to go with a break lower to target the next support level at 17,460/17,430. Try longs here with a stop below 17,400.

Emini Dow Jones overbought and chances are we will continue lower. First support level at 17,680/670 is key to direction and if this does not hold the downside we are likely to retest yesterday’s low at 17,624 & perhaps see 17,615/600. However we don't meet strong support until the 17,500/17,535 area. There is a good chance of a low for the day here but longs need a stop below 17,500. Be ready to go with a break lower to target the next support level at 17,460/17,430. Try longs here with a stop below 17,400.

Mini Russell 2000 March contract

Mini Russell 1199/98 level is key to direction again today. Failure beat this first resistance retests 1194/93 but we could continue lower today to support at 1190/89. A bounce from here is likely but below here targets 1182/81. If we continue lower look for good support at 1174/73. Buy with stops on a move below 1168.

First resistance at 1199/98 to try shorts, with stops above 1205. Be ready to go with a break higher however for a move towards last week’s high at 1213/14. Just be aware that a break higher this week targets the all time high at 1220.

S&P March contract

Emini S&P failure to beat quite strong resistance at 2045/44 sees a retest of support at 2038/37. We could continue lower today however to test good support at 2031/30. A low for the day is possible here, but longs need stops below 2025 for the next target of 2021/20. It should be worth trying longs here with stops below 2016. However a break lower sees 2020/21 act as resistance for a move towards the next support at 2010/2008. Try longs with stops below 2004.

First resistance at 2044/45 is the main challenge to a recovery. Above here is more positive & targets resistance at 2052/2053. We should struggle here & a high for the day possible but shorts need stops above 2057 for a test of resistance at 2063. Try shorts with stops above 2068. An unexpected break higher is very positive however & we should then target 2073, 2076 & the all time high at 2086/2088.75.

E Mini Nasdaq March contract

E-Mini Nasdaq outlook is not particularly positive so watch our first support level at 4199/4198. Longs need stops below 4190 to target 4185 then support at 4177/4176 but if trying longs we need stops below 4166. If this does not hold the downside however look for a test of better support at 4156/4155. This is an excellent buying opportunity and it is worth trying longs with a stop below 4140.

First resistance at 4225/4230 but above here is more positive for today at least and targets 4243 then 4252. If we continue higher look for a retest of last week's high at 4268 but only just above here we run into 2.5 month trendline resistance at 4276/79. A good chance of a high for today and it is worth trying shorts with a stop above 4290.