Daily Forecast - 16 February 2016
Emini Dow Jones March contract
Emini Dow Jones meets strong resistance at 16240/245 & the main challenge for bulls today. We are overbought short term so a good chance of a high for the day but shorts need stops above 16290. A break higher is very positive & targets 16380/385 then resistance at 16450/470. Shorts need stops above 16520.
Below 16150 risks a slide to 16050/040. A break below 16000 then targets 15900/880. This is the last line of defense for bulls today. A break below is more negative & targets 15790/780.
S&P March contract
Emini S&P targets 1900 then minor resistance at 1910 & strong resistance at 1918/20. This is the main challenge for bulls today as we become overbought short term. However shorts need stops above 1926. A break higher is a buy signal & targets 1933 & February highs at 1940.
The 1880/75 area is the most important support of the day. A break below 1865 however is a sell signal & targets a gap at 1861 then 1855 & support at 1850/48.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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