Daily Forecast - 27 February 2017
Dax March Contract
Dax outlook negative in the short term at least. Minor resistance at 11835/845 but probably the best selling opportunity for today at 11895/11905. Shorts need stops above 11945. An unexpected break higher however targets 11970/980 before the 12030 high.
Failure to beat 11835/845 targets 11795/785 then the 11719 correction low so far. However further losses to 11680/670 are possible. Longs need stops below 11630. Just be aware that further losses target Fibonacci support at 11560/550.
Eurostoxx March Contract
EuroStoxx could now hold first resistance at 3321/17 to retarget the best support for today at 3300/3290. However be ready to sell a break below 3279 to target minor support at 3265/60 then 3250 & perhaps as far as 3243/40. Not out of the question that we retest the 3210/00 February low this week.
Above first resistance at 3321/17 allows a further recovery to 3346/49 targets 3354 then 3370/73 & perhaps as far as 3395/98.
S&P March Contract
Emini S&P only has 2 days in February where we closed lower. Although severely overbought & holding longs is risky, no clear sell signal yet. However we do meet important longer term trend line resistance at 2395/2400. It's always possible we will top just below here. There is not much else I can write about the upside today.
First support at 2359/58 then probably the best support for today at 2353/52. A break below Friday's low at 2350/49 however risks a slide to last weeks low at 2346 before important 9 month trend line support at 2340/39.
Ftse March Contract
FTSE strong bounce from 7190/80 was a little unexpected however! The double top still worries me & failure to beat 7250/55 today targets 7225/20 then support at 7190/80. On a break below 7170 we target 8 month trend line support at 7135/30.
Above 7260 allows a retest of the most important resistance of the day at 7292/97. In severely overbought conditions we could top here again. Try shorts with stops above 7320. An unexpected break higher initially targets 7334/38.
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