Daily Forecast - 05 November 2015
Emini Dow Jones December contract
Emini Dow Jones may see further small profit taking before tomorrow's NFP release. Failure to beat 17800/805 risks a slide to 17756 then minor support at 17740 but we look for better support at 17705/700 which could hold the downside. However longs need stops below 17680. A break lower risks a slide to 17650/640 for a buying opportunity with stops below 17590.
Above 17810 is more positive & targets 17835/840 then 17865/870 before this week's high at 17906. On a break higher look for 17940/950 & perhaps as far as 18010/020.
S&P December contract
Emini S&P above 2100 could re-target 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.
Holding below 2100 risks a retest of 2 day lows at 2090/89. Any longs need stops below 2086 with a break lower to target 2081/80 then good support at 2075/74 for an excellent buying opportunity. Longs need stops below 2069. A break lower is a short term sell signal however targeting 2059/58 then good support at 2053/52 for the next buying opportunity.
E Mini Nasdaq December contract
Emini Nasdaq overdue some profit taking & after yesterday's doji candle there is a greater chance of a small dip today before NFP tomorrow. Below 4699 retests yesterday's low at 4691 & if we continue lower look for support at 4680. If this does not hold the downside we risks a slide as far as 4665. Further losses meet a buying opportunity at 4651/50.
Holding above 4699 is more positive for today & targets 4718/20. If we continue higher look for a retest of 4729 highs. A break higher should finally reach our target of 4735/38. Further gains could eventually reach 4772/74. If we continue higher look for 4786/88 then 4795/98. Further gains in next week could see us headed for 4850 & the all time high at 4884.
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