Emini S&P must hold above 2105 to retest all-time highs at 2116/2118

Daily Forecast - 24 April 2015

S&P June contract

Emini S&P must hold above 2105 to retest all-time highs at 2116/2118. A break & weekly close above here tonight is required to start the next leg higher in the bull trend next week. Targets are 2123/24 then 2128/29.

First support at 2015/02 but below here risks a slide to 2095. Try longs with stops below 2090. However a break lower sees 2095 act as resistance to target the next support at 2084/83. Try longs with stops below 2079.

E Mini Nasdaq June contract

Emini Nasdaq 3 month trend line resistance at 4505 today. This really is the only major challenge for bulls. A break higher then targets 4516 & perhaps as far as 4545/55. Any further gains in to next week could reach 4595/4600.

Although overbought any moves to the downside should offer buying opportunities. We have March highs at 4483 then mid March highs at 4468/67. Below 4459 however risks a slide to important support at 4440/35.

Emini Dow Jones June contract

Emini Dow Jones key level is last week's high & short term trend line resistance at 18,080/090. This is the main challenge for bulls & could hold a move higher of course, but we must still be ready to go with a break higher to target 18,155 then 18,210/220 before all time high at 18,270.

First support at 17,950/940 but below here risks a slide to good support at 17,870/860 & a good chance of a low for the day. Try longs with stops below 17,820. A break lower meets good support at 17,770/760 for the next buying opportunity with stops below 17,725. However failure here risks a retest of last week's low & 2.5 month trend line support at 17,680/665.