Daily Forecast - 30 September 2015
S&P December contract
Emini S&P outlook is turning more positive, or at least less negative. In such oversold conditions a sharp spike higher is always possible. First resistance at 1885/87 held yesterday but be ready to buy a break above here today to target stronger resistance at 1899/1902. This is the main challenge for bulls today. A good chance of a high for the day as we build a base. However shorts need stops above 1907. Be ready to buy a break above here again to target 1912/15 then strong resistance at 1922.
Watch yesterday's low at 1861/60. A break lower targets 1855 before important August lows at 1831. This is absolutely crucial & we are looking for a bullish double bottom pattern here.
Emini Dow Jones December contract
Emini Dow Jones bottomed at 15,799 & holding above 15,950/960 as I write to target strong resistance at 16,055/065. This is the main challenge for bulls today. A high for the day not out of the question but with the outlook increasingly positive, a break above 16,090 should be seen as a buy signal & targets 16,130/135 then resistance at 16,220/230. Unlikely any further at this stage but bear in mind further gains target trend line resistance at 16,290.
Below 15,950 is less positive for today & risks a retest of yesterday's low at 15,800/799. This is now important. Longs need stops below 15,765 however as we could then target minor support at 15,640/630.
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