Daily Forecast - 02 October 2015
Emini Dow Jones December contract
Emini Dow Jones bounce back took us to 16,220/230. This is a big challenge this morning but above here targets strong resistance at 16,320/330. Shorts need stops above 16,370 to target 16,450 & perhaps as far as strong resistance at 16,500, which looks likely to hold a rally.
Failure to beat 16,220/230 targets 16,140/130. If we continue lower look for a buying opportunity at 16,070/060. Longs need stops below 16,010 to target minor support at 15,960/950. If however we continue lower look for 15,910 then 15,860/850 before September lows at 15,800.
S&P December contract
Emini S&P shot higher to 1918/19 as I write. Obviously first resistance is at 1923/24 & shorts need stops at 1931. Be ready to buy a break above here for the next target & resistance at 1941/42. A break above 1948 would then signal a move towards strong resistance at 1960/62 for a selling opportunity with stops at 1970.
Below 1912 is less positive & targets first support at 1899/98. Failure here however risks a slide to 1887/85 for a buying opportunity. As long as we hold above here, bulls continue to gain control. However longs need stops below 1880. We then watch for a test of important 1861/60 lows. A break lower targets 1855 before important August lows at 1831. This is absolutely crucial & we are looking for a bullish double bottom pattern here.
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