Daily Forecast - 26 September 2014
E Mini Nasdaq December contract
E Mini Nasdaq held by resistance at 4089/90 as we became overbought short term & failure to break higher triggered much heavier losses than expected. **NOTE WE HAVE HIT & HELD 5 MONTH TREND LINE SUPPORT AT 3999** IF THIS IS STILL A BULL MARKET WE WILL BOTTOM HERE & END THE CORRECTION (as I suspect).** Above 4012/13 helps to confirm this theory & targets short term Fibonacci resistance at 4019/20. This should hold initially but a break higher perhaps later in the day targets 4032/34. A high for the day is expected, but shorts need stops above 4043. Go with a break higher then to target 4053/55 for a selling opportunity with stops above 4060.
If we cannot beat 4012/13 we may bounce around from here down to 4000/3998. WE MUST BE PREPARED FOR A BREAK LOWER. This will trigger big stops & quickly target 3991 & perhaps as far as 3978/77. If we continue lower look for a buying opportunity at 3957/55, with stops below 3946.
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