Daily Forecast - 17 October 2014
E Mini Nasdaq December contract
E-Mini Nasdaq hit our medium term buying opportunity at 3700/3690 & bottomed almost exactly here at 3684. It does look like yesterday will mark a low for the correction. *IT IS TOO RISKY TO RUN SHORTS ANY FURTHER.* We do expect a recovery in to next week. We can change strategies now & buy in to weakness rather than sell in to strength. Any return to 3700/3690 is a medium term buying opportunity with stops below 3665. However be aware we have quite good support at 3735/30 which could hold the downside today & trigger a good recovery.
Immediate resistance at 3772/75 but above here is a positive signal & targets strong resistance at 3791/94. We should struggle here & a high for the day not out of the question. HOWEVER outlook is increasingly positive so any shorts need stops above 3805. Be ready to jump in to longs on a break higher using 3795/91 as good support & look for a recovery to 3818 then 3828/31. A break higher is more positive of course & targets strong resistance at 3853/58.
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