Daily Forecast - 07 December 2015

Dax December contract

Dax

Dax failed just below minor resistance at 10895/905. If we continue higher today however look for 10980/990 then a selling opportunity at 11060/070.

Failure to beat important trend line resistance at 10870/880 keeps prices under pressure to target minor support at 10810/800. If we continue lower we target 10715/705 & perhaps a retest of last week's low of 10630 plus strong Fibonacci support at 10620. This is without question the most important support band of the day & also includes the 100dma. A break below 10585 therefore keeps the pressure on for 10550 & perhaps as far as good support at November lows at 10492/482. We look for a bounce from here but failure is obviously negative & targets only minor support at 10370/360.


E Mini Nasdaq December contract

E Mini Nasdaq

Emini Nasdaq holding above 4700 could target November highs at 4729/30 then the year's high at 4739/40. Obviously this is the most important of the week. We need a close above (preferably 2 days) to confirm a positive breakout to target levels not seen for over 15.5 years: 4749/51 then 4775.

First support at 4682/80 but below here look for a buying opportunity at 4673/72. A break lower however risks a slide to 4655/53. Further loss meet a buying opportunity at 4635/30.


Emini Dow Jones December contract

Emini Dow Jones

Emini Dow Jones you can probably guess that first resistance is 17800/810 but strong resistance at 17880/890 remains the main challenge for bulls this week. Shorts again need stops above November/December highs at 17906. A break higher however is a buy signal & targets 18020, 18055 & July highs at 18075. If we continue higher look for 18108/112 then June highs at 18165/179.

Minor support at 17775/770 then better support at 17695/685 could hold the downside. Longs need stops below 17660 to target good support at 17620/610. Longs need stops below 17570.


Eurostoxx December contract

Eurostoxx

EuroStoxx holding above 3350/55 could target 3382/87 then strong resistance at 3401/05. If this does not hold, we could test strong trend line resistance at 3430/35.

Holding below 3350 is more negative & re-targets 3315 then last week's low at 3293. Just below here is quite an important November low at 3283. Further losses this week target good support at 3258/55. A break lower however targets 3230/20 then 3200. If we continue lower look for strong support at 3189/85. Longs need stops below 3170.


Ftse December contract

Ftsez

FTSE strong resistance at 6290/95 is key to direction today of course & shorts need stops above 6310 to target resistance at 6322/25. We should struggle here initially but if we continue higher look for strong resistance at 6350/55.

Failure to beat strong resistance at 6290/95 & a break below 6275 is more negative & risks a slide to first support at 6259/55. A break below 6245 could then trigger a retest of strong support at 6199/95. A break lower this week however keeps the pressure on for quite strong 6 month trend line support at 6155/50. If we continue lower look for minor support at 6128/25. A break below 6110 could target 6080/75.


S&P December contract

S&P

Emini S&P minor resistance at 2094/96 but above here re-targets December/November highs at 2105/10. This of course is the main challenge for bulls today. A break & CLOSE above is a buy signal to target 2114/15 then July highs at 2125/26. A break above June highs at 2128 could then target the all time high at 2134.

Failure to beat minor resistance at 2094/96 keeps us trading sideways for a dip to first support at 2080/79. This could hold the downside, initially at least but further losses target 2072/72 then better support at 2065/64. Watch for a low for the day but longs need stops below 2060 to target strong support at 2053/55.

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.

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