Daily Forecast - 23 December 2015
Emini Dow Jones March contract
Emini Dow Jones first resistance at 17370/380 is key to direction & again shorts need stops above 17400. Be ready to buy a break above 17400 to target resistance at 17455/465. Watch for a high for the day as we become overbought short term, but shorts need stops above 17490. Further gains target 17530/540 then resistance at 17565/575.
Holding first resistance at 17370/380 targets minor support at 17320/310 then better support at 17290/280. This could hold the downside but longs need stops below 17250. A break lower targets support at 17175/185. Just be aware that further losses risks a retest of yesterdays low & minor support at 17120/110. Important support again today at last week's low of 17008, but also November lows at 16991.
S&P March contract
Emini S&P trying a break above resistance at 2030/31 as I write & as stated yesterday, shorts need stops above 2036. A break higher targets 2041/42 then resistance at 2045/46 which should be the main challenge for bulls today. Watch for a high for the day but be aware that further gains then target minor resistance at 2055/56.
Failure to hold above 2031 should trigger a drift lower to first support at 2023/22. A break below 2019 however then risks a slide to 2013/14 & good support at 2011/10. Watch for a low for the day but longs need stops below 2006. A break lower targets 2002/01 then quite important support at 1997/96. Longs need stops below Fridays low at 1992/91.
E Mini Nasdaq March contract
Emini Nasdaq first resistance at 4593/97 but shorts need stops above 4604. A break higher targets resistance at 4620/23 with a high for the day possible. A break higher however could target strong resistance at 4637/40.
First support at 4580/77. Longs need stops below 4570 to target good support at 4555/52. This could hold the downside but longs need stops below 4542. A break lower risks a slide to 4530. If we continue lower look for 4523 then 4517.
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