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.