Daily Forecast - 30 September 2015
S&P December contract
Emini S&P outlook is turning more positive, or at least less negative. In such oversold conditions a sharp spike higher is always possible. First resistance at 1885/87 held yesterday but be ready to buy a break above here today to target stronger resistance at 1899/1902. This is the main challenge for bulls today. A good chance of a high for the day as we build a base. However shorts need stops above 1907. Be ready to buy a break above here again to target 1912/15 then strong resistance at 1922.
Watch yesterday's low at 1861/60. A break lower targets 1855 before important August lows at 1831. This is absolutely crucial & we are looking for a bullish double bottom pattern here.
Emini Dow Jones December contract
Emini Dow Jones bottomed at 15,799 & holding above 15,950/960 as I write to target strong resistance at 16,055/065. This is the main challenge for bulls today. A high for the day not out of the question but with the outlook increasingly positive, a break above 16,090 should be seen as a buy signal & targets 16,130/135 then resistance at 16,220/230. Unlikely any further at this stage but bear in mind further gains target trend line resistance at 16,290.
Below 15,950 is less positive for today & risks a retest of yesterday's low at 15,800/799. This is now important. Longs need stops below 15,765 however as we could then target minor support at 15,640/630.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.