Emini Nasdaq has bounced back to strong resistance at 4200/4205

Daily Forecast - 02 October 2015

S&P December contract

Emini S&P shot higher to 1918/19 as I write. Obviously first resistance is at 1923/24 & shorts need stops at 1931. Be ready to buy a break above here for the next target & resistance at 1941/42. A break above 1948 would then signal a move towards strong resistance at 1960/62 for a selling opportunity with stops at 1970.

Below 1912 is less positive & targets first support at 1899/98. Failure here however risks a slide to 1887/85 for a buying opportunity. As long as we hold above here, bulls continue to gain control. However longs need stops below 1880. We then watch for a test of important 1861/60 lows. 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 bounce back took us to 16,220/230. This is a big challenge this morning but above here targets strong resistance at 16,320/330. Shorts need stops above 16,370 to target 16,450 & perhaps as far as strong resistance at 16,500, which looks likely to hold a rally.

Failure to beat 16,220/230 targets 16,140/130. If we continue lower look for a buying opportunity at 16,070/060. Longs need stops below 16,010 to target minor support at 15,960/950. If however we continue lower look for 15,910 then 15,860/850 before September lows at 15,800.

E Mini Nasdaq December contract

Emini Nasdaq has bounced back to strong resistance at 4200/4205, a big challenge this morning. A break above 4226/30 would now be required to build on the short term recovery & target minor resistance at 4245/50. If this does not hold a rally look for 4265/70, perhaps as far as strong resistance at 4290/95.

Failure to beat strong resistance at 4200/4205 targets 4180/76 then strong support at 4145/40. However a break below 4130 targets 4117/15 then only minor support at 4105. A break below 4090 risks a slide to 4075/70.

Eurostoxx December contract

EuroStoxx must hold above 3050 for a more positive outlook today & target 3075/77 then resistance at 3100/05. A break higher targets strong resistance at 3120/25 but above here meets yesterday's high at 3140/41. A break above would obviously be more positive & targets 3167/70. If we continue higher look for strong resistance at 3185/90. A break above 3200 however targets 3230.

First support at 3055/50 but below 3040 risks a slide to 3020/15. A break below 3005 adds pressure to target 2985 then September lows at 2970. A break lower sees a test of important August lows at 2951.

Ftse December contract

FTSE first resistance at 6066/70 but above here targets 6085 then resistance at 6125/30. A break above 6145 targets 6170 then resistance at 6195/99. If we continue higher however look for a selling opportunity trend line resistance at 6220/30.

First support at 6015/10 but a break below 6000 targets minor support at 5990/85 then better support at 5950/45. On a break below 5930 we have a gap to fill at 5905/00.

Dax December contract

Dax unexpectedly weak yesterday. Holding above 4470 allows a recovery to strong resistance at 9580/90. In fact this held yesterday's bounce perfectly but above 9610 today targets only minor resistance at 9660. Further gains again meet strong resistance at 9765/75. Shorts need stops above 9805. Be ready to buy a break above 9800 however to target resistance at 9860/70. Further gains would target 9910/15, perhaps as far as 9950/60.

Failure to beat 9590 risks a slide back to support at 9470. Longs need stops below 9440 as further losses target 9380/70, perhaps as far as very important support at September lows of 9330/9300. Obviously a break & WEEKLY CLOSE TONIGHT below 9300 is a big sell signal.