Daily Forecast - 23 April 2015
S&P June contract
Emini S&P above 2089/90 re-targets resistance at 2102/2105. Again shorts need stops above 2108. A break and close above here is positive and should see bulls push on towards all-time highs at 2116/2118.
Below 2089 risks a retest of support at 2080. Try longs again with stops below 2075. A break below 2072 however keeps the market under pressure for a buying opportunity at 2065/2063. Longs need a stop below 100 day moving average at 2060. A break lower however is much more negative and sees 2063/2065 act as resistance for a test of two and half month trendline support at 2053/2052.
E Mini Nasdaq June contract
Emini Nasdaq must now hold above 4440 to ensure yesterday was not a false breakout & target 4462/67 then the 4483 highs.
Failure to hold above 4440 risks a slide to 4430/27. Bulls must force a bounce from here or the outlook is more negative. Be ready to go with a break lower to target 4411/08. Try longs with stops below 4397. A break below here adds pressure to target 4392/90 then support at 4377/75.
Emini Dow Jones June contract
Emini Dow Jones must hold above 17930 for further gains today & target 17,970. Be ready to go with a break higher for a potential retest of last week's high & short term trend line resistance at 18,080/090. Watch for a high for the day once again, but shorts need stops above 18,125. Be ready to go with a break higher for 18,155 then 18,210/220 before all time high at 18,270.
Failure to beat hold above 17,920 risks a slide to first support at 17,870/860 but below here key support at 17,770/760 is a buying opportunity with stops below 17,725. However failure here risks a retest of last week's low & 2.5 month trend line support at 17,675/665.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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