Daily Forecast - 04 November 2015
S&P December contract
Emini S&P bulls remain in control despite overbought conditions & holding above August highs at 2100/2104 re-targets 2107 then 2109/10. On a break higher today look for 2113/14 & July highs at 2125/26. If we continue higher this week look for June highs at 2127.50 then the all time high set in May at 2134.
First support at 2100 but a break below 2096 risks a slide to better support at 2087/86. This could hold the downside but further losses target 2081/80 then good support at 2075/74 for an excellent buying opportunity.
Dax December contract
Dax minor trend line resistance at 11020/030 is the first challenge for bulls today but strong resistance at 11065/075 could hold the rally at this stage. Shorts need stops above 11100. A break higher however is a buy signal again, targeting 11140/150 then major, major, MAJOR!!!! resistance at 11240/260.
Again any profit taking moves to the downside offer buying opportunities with first support at 10930/920 but below here risks 10880/870. Longs need stops below 10830. Further losses risks a slide to strong support at 10740/730. Only a close below 10660 turns the outlook negative.
Ftse December contract
FTSE first resistance at 6380/90 of course but a break higher today would be a buy signal to target 6410 then 6432/35. If we continue higher this week look for a retest of October highs at 6467/68. Further gains then meet strong trend line resistance at 6495/6505.
Failure to beat 6380/90 risks a slide to 6348/46 then support at 6320/17. This could hold the downside once again but longs need stops below 6305 to re-target support at 6290/85.
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