Daily Forecast - 03 May 2016
S&P June contract
Emini S&P failure to beat 2075 targets 2070 & first support at 2064/63 for at least some profit taking on shorts. However if we continue lower look for minor support at 2056/55. Further losses target 2051 & last week's low at 2046/44. Just be aware of the most important support of the week at 2035/33. Longs need wide stops, preferably below the April low & 100 week moving average support at 2026/24.
First resistance at 2074/75 of course, shorts need stops above 2080. A break higher should see 2075/74 act as support to target 2086/87 then 2093/94.
Dax June contract
Dax best support of the day at 10090/80 so this is key to direction again today. Risks are to the downside so be ready to sell a break below 10050 to target 9999/95 then 9938 & perhaps as far as 100 day moving average support at 9905/00.
If we manage to hold 10080/90 for a recovery, look for first resistance again at 10160/170. Gains are expected to be limited & we should struggle here, but if we continue higher look for a selling opportunity at 10230/240, with stops above 10280.
E Mini Nasdaq June contract
Emini Nasdaq trading around strong resistance at 4365/70 as I write & again shorts need stops above 4380. A break higher however sees 4370/65 act as support to target 4392/95 then a selling opportunity at 4410/15. Shorts need stops above 4425.
Failure to beat strong resistance at 4365/70 targets 4360/58 then minor support at 4344/40 for some profit taking on shorts. Further losses however could retest good support at 4310/05 for profit taking on any remaining shorts. We also have the 100 week moving average at 4300/4296 so this is a wide band of support & a bounce from here very likely. A break below 4290 however targets 4282 then 4268/63. Further losses this week target 4256/51.
GBPUSD Spot
GBPUSD holding above important support at 1.4625/35 now targets 1.4680/85, 1.4720/25, 1.4745/50 & 1.4780/85 this week but 1.4870 is the ultimate target in May.
Strong support at 1.4625/35 but longs need stops below 1.4595. Failure to hold above 1.4620 risks a slide to 1.4580/75 then 1.4555.
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