Emini Dow Jones broke first support at 21405/400
|Daily Forecast - 22 June 2017
Emini Dow Jones September Contract
Emini Dow Jones broke first support at 21405/400 to bottom exactly at better support at 21355/345 as predicted. However it is obvious we could do with a small correction after gains of 5% in only a month. On further losses look for 21315/305 & quite good support at 21260/250. A bounce from here likely in the bull trend...there is always a buyer out there somewhere....but longs need stops below 21215. If we continue lower look for 21190/180 then support at 21120/110.
Holding first support at 21355/345 allows a recovery to 21405/400 before minor resistance at 21440/4450 & the all time high at 21494. If we continue higher look for 21610/620 in to the end of the week.
S&P September Contract
Emini S&P retests the best support for today at 2429/26. We may bounce again as we retest this level now - perhaps another 10 pointer...but a break lower later today is more likely now. We do need a correction. Be ready to sell a break lower targeting the low last week at 2419/18 & 2 week low at 2415. Bear in mind a weekly close on Friday below 2418 gives us a weekly reversal sell signal. Only minor - but still a short term sell signal. Below 2415 today targets short term Fibonacci support at 2411/10 with a good chance of a low for the day.
Bulls need prices above 2440 today to retest the 2450/51.50 high. Bear in mind very strong resistance at 2457/59 & again at 4.5 year trend line resistance at 2475/80.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.