Daily Forecast - 13 October 2015
E Mini Nasdaq December contract
Emini Nasdaq sooner rather than later we expect to see profit taking with minor support today at 4355/53 then slightly better support at 4339/36 but below here targets 4325/22. If we continue lower the best support for today at 4305/00. Use this as a buying opportunity with stops below 4290.
Again today, an excellent selling opportunity at 4380/85. Only a 2 day close above strong resistance trend line at 4400 would be positive for this week but we then run in to 100 day moving average resistance at 4418/20.
Emini Dow Jones December contract
Emini Dow Jones overbought conditions are likely to limit any gains this week & risks increase for a move to the downside. However today the 1 month trend line resistance is at 17090/100 & therefore shorts need stops above 17140. A break higher targets a selling opportunity at 17250/270.
Profit taking could hit today to target 17000 then support at 16930/920. This could hold the downside on the first test but below here targets 16840 then strong support at 16820/810 with a good chance of a low for the day.
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