Daily Forecast - 07 October 2015
S&P December contract
Emini S&P direction is unclear but we are overbought short term & we are getting overbought on the daily chart. Although the last 5 weeks has seen a sideways trend, we are in a 4 month bear trend. Therefore I favour moves to the downside. A break below 1159 targets minor support at 1154/53 then better support at 1137/35. A break below 1130 however risks a slide to support at 1122/20.
A recovery could target 1973/75 then resistance at 1982/83. Again this could hold a rally today, but above here targets 1992/93. If we continue higher look for strong resistance at 2002/2004.
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