Daily Forecast - 19 February 2016
E Mini Nasdaq March contract
Emini Nasdaq first resistance at 4175/80 is the main challenge for bulls today. Only above here is more positive again & targets 4215 then 4228/30. We should struggle here again with bears in longer term control, but if we continue higher today look for 4250/55. A break above 4260 keeps bulls in short term control to target resistance at 4280.
Holding below 4180/70 is more negative as we test trend line support at 4145/40. If we continue lower look for better support at 4115/11 which could hold the downside but a break below 4100 could target 4088/86 then good support at 4055/50.
Emini Dow Jones March contract
Emini Dow Jones has quite good trend line support at 16330/325 which may just hold the downside but below here targets strong support at 16255/245. Longs need stops below 16200. Further losses target 16150 then 16090/085. If we continue lower there is quite good support at 16020/16000.
Holding good trend line support at 16330/325 targets resistance at 16450/470. Shorts need stops above 16520 again today. A break higher is a buy signal & targets 16630/640 then 16666. If we continue higher look for 16710 then strong resistance at 16775/785 for a selling opportunity.
S&P March contract
Emini S&P first resistance at 1921/22 but above here targets 1927/28 then 1933/34. Resistance at 1938/40 is important because it is the 2 week & February high, as well as a 50% recovery of the steep sell off from late December. So this is the main challenge for bulls today. Shorts need stops above 1946 however as a break higher targets 1952 & 1956.
Failure to beat 1922 re-targets 1918/17 then 1912/11. If we continue lower look for the best support of the day at 1905/04. Longs need stops below 1899. A break lower targets minor support at 1892/91, perhaps as far as strong support at 1885/84 which could hold the downside at this stage.
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