Daily Forecast - 20 April 2017
Emini Dow Jones June contract
Emini Dow Jones holding below the 20356 March low targets strong support at 20280/270. This is the best chance of a low for the correction phase. Longs need wide stops below 20200. We need a daily close & preferably a weekly close below 20200 tomorrow night to confirm an important sell signal. Initially we should target 20080/070 & the 2016 high at 19970/960.
We are oversold & so close to strong support at 20280/270 that it is always possible we have already bottomed. Minor resistance at last week's low of 20388 then stronger resistance at 20430/440. If we continue higher a good chance of a high for the day at 20500/510 but shorts need stops above 20570. A break higher sees 20510/500 act as support to target resistance at 20630/640.
Emini S&P first resistance at 2342 then 2348/49 again. If we continue higher look for 2356/58. & perhaps as far as quite strong resistance at last week's high at 2363. Further gains however meet 2 week highs & short term trend line resistance at 2372/75. Try shorts with stops above 2380.
Below 2335/34 targets 2331/30 & 2327/25. Below 2322 offers a buying opportunity at strong support at 2318/15. Just be aware that the other important rising 100 day moving average support is at 2305/04.
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