Daily Forecast - 23 April 2015
S&P June contract
Emini S&P above 2089/90 re-targets resistance at 2102/2105. Again shorts need stops above 2108. A break and close above here is positive and should see bulls push on towards all-time highs at 2116/2118.
Below 2089 risks a retest of support at 2080. Try longs again with stops below 2075. A break below 2072 however keeps the market under pressure for a buying opportunity at 2065/2063. Longs need a stop below 100 day moving average at 2060. A break lower however is much more negative and sees 2063/2065 act as resistance for a test of two and half month trendline support at 2053/2052.
E Mini Nasdaq June contract
Emini Nasdaq must now hold above 4440 to ensure yesterday was not a false breakout & target 4462/67 then the 4483 highs.
Failure to hold above 4440 risks a slide to 4430/27. Bulls must force a bounce from here or the outlook is more negative. Be ready to go with a break lower to target 4411/08. Try longs with stops below 4397. A break below here adds pressure to target 4392/90 then support at 4377/75.
Emini Dow Jones June contract
Emini Dow Jones must hold above 17930 for further gains today & target 17,970. Be ready to go with a break higher for a potential retest of last week's high & short term trend line resistance at 18,080/090. Watch for a high for the day once again, but shorts need stops above 18,125. Be ready to go with a break higher for 18,155 then 18,210/220 before all time high at 18,270.
Failure to beat hold above 17,920 risks a slide to first support at 17,870/860 but below here key support at 17,770/760 is a buying opportunity with stops below 17,725. However failure here risks a retest of last week's low & 2.5 month trend line support at 17,675/665.
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