Daily Forecast - 27 January 2016
Emini Dow Jones March contract
Emini Dow Jones has sold off again to first support at 15930/920. This could be is the most important of the day but below here targets minor support at 15870. If we continue lower look for better support at 15820/810. However a break below here is a short term sell signal & targets minor support at 15740/730, perhaps as far as strong support at 15650/640. Just be aware that further losses could target 15570/560.
Minor resistance at 15990/16000 but above here targets 16050/060 & yesterday's high at 16100. If we continue higher look for some resistance at 16210/215 but stronger resistance at 16290/300 should be a good selling opportunity.
S&P March contract
Emini S&P first support in the 1880/75 band today but below here meets support at 1868/66. A break below here is more negative & targets 1855/53. A break below 1850 targets quite good support at 1844/42. If this does not hold the downside we target 1826 then 1826/25.
Holding 1880/75 targets 1886/87 then 1894/95. Above 1900 meets strong resistance up to 1906/08. A good chance of a high for the day but shorts need stops above 1912. A break higher would target 1919/21 then 1927. If we continue higher this week look for a selling opportunity at 1936/39.
E Mini Nasdaq March contract
Emini Nasdaq now holding below 4195/93 as I write to targets first support at 4170/65. It is only a sustained break below 4150 that adds pressure & risks a slide to 4133 & perhaps as far as 4123/20. If we continue lower we meet good support at 4095/90.
first resistance at 4195 is only minor & further gains could target 4218/22. If we continue higher look for yesterday's high at 4240/44 before another selling opportunity at 4253/57. Shorts need stops above 4270 again today. Just be aware that a break higher sees 4257/53 act as strong support to target 4300/05, perhaps as far as 4335/40.
-------Who were the best experts in 2015? Have your say and vote for FXStreet's Forex Best Awards 2016! Cast your vote now!
-------
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 stays weak near 1.0650 ahead of Eurozone PMI data
EUR/USD remains on the back foot near 1.0650 in European trading on Tuesday. Resurgent US Dollar demand amid a cautious risk tone weighs on the pair. Investors stay wary ahead of the preliminary Eurozone and US business PMI data.
GBP/USD eases below 1.2350, UK PMIs eyed
GBP/USD is dropping below 1.2350 in the European session, as the US Dollar sees fresh buying interest on tepid risk sentiment. The further downside in the pair could remain capped, as traders await the UK PMI reports for fresh trading impetus.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin price.
Focus on April PMIs today
In the euro area, focus today will be on the euro area PMIs for April. The previous months' PMIs have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction.