Daily Forecast - 18 May 2015
S&P June contract
Emini S&P overbought with risks of a move to the downside today. First support at 2114/13 but below here targets minor support at 2108/07. Longs need stops below 2103 for a test of good support at 2098/97. This is the best chance of a low for the day but there is also quite good support at 2090/89 below.
New all time highs at 2122.75 the levels to watch on a move higher of course. A break higher should target 2125/26 & 2130. If we continue higher look for 2136/37.
E Mini Nasdaq June contract
Emini Nasdaq outlook positive but we must hold above 4470 again today to target first resistance at 4503/08. Any further gains this week target 4531/36 then all important resistance at March highs of 4555.
First support at 4470/65 but below here risks a slide to 4455 then support at 4445/40. Try longs with stops below 4430. On a break lower look for a buying opportunity at 4420/15 but below here targets 4401/4397 then a buying opportunity at 4380/75. Longs need stops below 4365.
Emini Dow Jones June contract
Emini Dow Jones all time high at 18,270 is the most important level for today of course. We are getting overbought & this is strong resistance but shorts need stops above 18,300. A break & close (preferably 2 closes to ensure this is not a false break) above here however signals the start of a new leg higher in the longer term bull trend to target 18,350/360 then Trend line resistance at 18,390/400. A break above 18.425 however could reach 18,470/480 then trendline resistance at 18,510/520.
We are overbought as stated above and could see profit-taking today. First support at 18,180/170 but below here risks a slide to 18,110/100. Try longs with a stop below 18,060. There is good support again at 18,020/18,010 but longs need a stop below 17,970.
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