Emini Nasdaq making a break below 4478/77

Daily Forecast - 31 March 2016

E Mini Nasdaq June Contract

Emini Nasdaq making a break below 4478/77 as I write which adds pressure & targets minor support at 4460/58. A collapse is unlikely but if we continue lower look for strong support at 4444/42. A good chance of a low for the day but longs need stops below 4437.

Holding above 4478 keeps bulls in control for today & re-targets 4493/96. Gains are expected to be limited but if we continue higher, a high for the day is certainly possible again at 4505/10. However on a break higher look for minor resistance at 4516/20.

Emini Dow Jones June Contract

Emini Dow Jones needs to see some profit taking. A good chance we have seen a short term high yesterday & a break below 17600 today targets 17520/510 then support at 17490/470. A big move to the downside is not expected & we could see a low for the day here. Longs need stops below 17440

If we manage to hold above 176100/600 look for a recovery to 17655 then quite strong resistance at 17670/680 & a good chance of a high for the day once again. Shorts need stops above 17700. A break above 17700 however then targets 17760/765 & 17785, perhaps as far as 17810/820.

S&P June Contract

Emini S&P looks likely to have made a short term high yesterday. We could see profit taking & a drift lower in to the end of the week now. Minor support at 2051/50 then better support at 2042/40. In fact there is further good support at 2037/36 so this 6 point area is probably the most important of the day on the downside. However failure here targets 2029/28.

Holding 2051/50 allows a recovery to 2056 & 2061. Above yesterday's high at 2064/65 targets late December highs for the June contract at 2067/68 & late December highs for the March contract at 2074/75. If we continue higher look for 2082/83.