Emini S&P outlook remains negative as we break the 2332/31 support
|Daily Forecast - 27 March 2017
S&P June contract
Emini S&P outlook remains negative as we break the 2332/31 support. Not a surprise as we wrote last week: A break below here certainly possible to target 2325, perhaps as far as strong support at 2317/15 for a buying opportunity. Try longs with stops below 2310.
First resistance at the 2332/31 level then stronger resistance at 2348/50 of course. Try shorts with stops above 2356. If we continue higher look for a selling opportunity at 2368/70, with stops above 2376.
Emini Dow Jones June contract
Emini Dow Jones closing in on our target of 20400/390. Outlook remains negative as we look for 20350/340, perhaps as far as 20290/280 for some profit taking on shorts...before support at 20210/200 for profit taking on any remaining shorts.
Gains are likely to be limited at this stage despite oversold conditions. First resistance at 20560/570 could hold a rally but above here look for a selling opportunity at 20680/690.
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