Daily Forecast - 05 November 2015
Emini Dow Jones December contract
Emini Dow Jones may see further small profit taking before tomorrow's NFP release. Failure to beat 17800/805 risks a slide to 17756 then minor support at 17740 but we look for better support at 17705/700 which could hold the downside. However longs need stops below 17680. A break lower risks a slide to 17650/640 for a buying opportunity with stops below 17590.
Above 17810 is more positive & targets 17835/840 then 17865/870 before this week's high at 17906. On a break higher look for 17940/950 & perhaps as far as 18010/020.
S&P December contract
Emini S&P above 2100 could re-target 2107 then 2109/10. On a break higher today look for 2113/14 & July highs at 2125/26. If we continue higher this week look for June highs at 2127.50 then the all time high set in May at 2134.
Holding below 2100 risks a retest of 2 day lows at 2090/89. Any longs need stops below 2086 with a break lower to target 2081/80 then good support at 2075/74 for an excellent buying opportunity. Longs need stops below 2069. A break lower is a short term sell signal however targeting 2059/58 then good support at 2053/52 for the next buying opportunity.
E Mini Nasdaq December contract
Emini Nasdaq overdue some profit taking & after yesterday's doji candle there is a greater chance of a small dip today before NFP tomorrow. Below 4699 retests yesterday's low at 4691 & if we continue lower look for support at 4680. If this does not hold the downside we risks a slide as far as 4665. Further losses meet a buying opportunity at 4651/50.
Holding above 4699 is more positive for today & targets 4718/20. If we continue higher look for a retest of 4729 highs. A break higher should finally reach our target of 4735/38. Further gains could eventually reach 4772/74. If we continue higher look for 4786/88 then 4795/98. Further gains in next week could see us headed for 4850 & the all time high at 4884.
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 edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.