Emini Nasdaq faces resistance at 2 day highs of 4429/30

Daily Forecast - 17 April 2015

S&P June contract

Emini S&P must hold above 2098/2097 to keep the short term outlook positive but a break above 2107/08 is needed for confirmation & should then target 2114 before the all time high at 2117.75. Obviously this is the most important resistance of the week now.

Failure to hold above 2097 is more negative & risks a retest of support at 2090/89. This will have less strength than yesterday so be careful & longs need stops below 2085. Be ready to go with a break lower to target strong support at 2080/78. This should hold the downside at this stage but below here meets a buying opportunity at 2072/71.

Dax June contract

Dax June strong support at 12,000/11,990 is key to direction & we could try longs again with stops below 11,955. A break below (& a gap open below this morning!!) however is more negative & targets 11,930/925. If we continue lower look for 11,830/825 & 11,785 before good support at 11,730/725. A low for the day expected, try longs with stops below 11,680. Just be aware that a break below late March lows at 11,650 would be an added negative signal and could see us quickly target 11,610/605.

A good chance of a recovery from strong support at 12,000/11,990 to target 12,060/12,065 with a push through here to reach resistance at 12,095/105. It could be worth trying shorts here with a stop above 12,140 but on a break higher look for the next target and resistance at 12,165/175. A good chance of a high for the day to try shorts with a stop above 12,200. A break above 12,220 would be required for a more positive outlook. We can then target resistance at 12,260/270.

E Mini Nasdaq June contract

Emini Nasdaq faces resistance at 2 day highs of 4429/30. We should struggle here again today but if we manage a break higher look for strong trend line resistance at 4441/45. This is a big challenge for bulls & could still mark a high for the week, as stated on Monday. Just be aware that on a break higher we meet longer term trend line resistance at 4460/65. Only a break above here opens the door to a test of March highs at 4483.

Holding below 4415/14 is more negative & risks a slide to good support at 4400/4397. This must hold the downside or the outlook is more negative. Be ready to go with a break lower therefore to targets 4385/84. If we continue lower look for good support at 4375/72. Try longs with stops below 4366. Just be aware that a break lower targets 4354/51.

Emini Dow Jones June contract

Emini Dow Jones must hold above 18,000 to re-target first resistance at 18,080/090. Try shorts with stops above 18,125. However outlook is more positive so be ready to go with a break higher using 18,080/090 as support to target 18,160. If we continue higher look for trend line resistance at 18,210/220 to hold a move higher at this stage.

Failure to hold above 18,000 risks a slide to strong support at 17,960/950. A good chance of a low for the day once again so try longs with stops below 17,910. A break lower is more negative however & could target good support at 17,875/865.

Eurostoxx June contract

EuroStoxx could hold strong support at 3686/83 again today to trigger a recovery to 3703/08. If we continue higher a high for the day possible at 3713/18. However a push higher is more positive & targets 3735/38. Try shorts with stops above 3747.

Strong support at 3686/83 is key to direction & longs need stops below 3675. A break lower sees 3683 as resistance to target 3665 then support at 3657/55. A bounce from here on the first test at least looks likely but be ready to go with a break lower to target strong support at 3630. A good chance of a low for the day here but longs need a stop below 3620. An unexpected break lower targets 3613 then 3601/99.

Ftse June contract

FTSE June negative candle formation yesterday is a warning to bulls. Failure to hold above 7002 targets support at 6988/85. This could hold the downside initially but longs need stops below 6975. Be ready to go with a break lower using 6988/85 as resistance to target 6955 & perhaps as far as support at 6930/25. A good chance of a low for the day but longs need stops below 6910.

First resistance at 7030/35 with a break above 7050 required for a retest of 7080/85. If we make it this far further gains look unlikely but above here could target 7100/02. We are battling overbought conditions but a break above 7110 could target 7130 then 7150.