Daily Forecast - 27 January 2016
Emini Dow Jones March contract
Emini Dow Jones has sold off again to first support at 15930/920. This could be is the most important of the day but below here targets minor support at 15870. If we continue lower look for better support at 15820/810. However a break below here is a short term sell signal & targets minor support at 15740/730, perhaps as far as strong support at 15650/640. Just be aware that further losses could target 15570/560.
Minor resistance at 15990/16000 but above here targets 16050/060 & yesterday's high at 16100. If we continue higher look for some resistance at 16210/215 but stronger resistance at 16290/300 should be a good selling opportunity.
S&P March contract
Emini S&P first support in the 1880/75 band today but below here meets support at 1868/66. A break below here is more negative & targets 1855/53. A break below 1850 targets quite good support at 1844/42. If this does not hold the downside we target 1826 then 1826/25.
Holding 1880/75 targets 1886/87 then 1894/95. Above 1900 meets strong resistance up to 1906/08. A good chance of a high for the day but shorts need stops above 1912. A break higher would target 1919/21 then 1927. If we continue higher this week look for a selling opportunity at 1936/39.
E Mini Nasdaq March contract
Emini Nasdaq now holding below 4195/93 as I write to targets first support at 4170/65. It is only a sustained break below 4150 that adds pressure & risks a slide to 4133 & perhaps as far as 4123/20. If we continue lower we meet good support at 4095/90.
first resistance at 4195 is only minor & further gains could target 4218/22. If we continue higher look for yesterday's high at 4240/44 before another selling opportunity at 4253/57. Shorts need stops above 4270 again today. Just be aware that a break higher sees 4257/53 act as strong support to target 4300/05, perhaps as far as 4335/40.
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