Daily Forecast - 16 June 2014
S&P September contract
Emini S&P we warned last week looked over extended as we diverged from the 100 dma & by Friday has retraced to 1918/17. A break lower today cannot be ruled out & could target good support at 1913/11 for a buying opportunity. Just be aware that June lows for this contact are at 1306.5 & therefore a break & close below would add pressure this week & target 1900/1899.
Above 1924/25 is more positive but immediate resistance at 1929/30 is a challenge. We should struggle here but on a break higher look for a possible high for the day at 1935/36. If however we continue higher look for Thursday's high at 1940/41 for a selling opportunity. Just be aware that the all time high for the September contract is 1947.25.
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