EuroStoxx holding above 2820/25

Daily Forecast - 17 February 2016

Eurostoxx March contract

EuroStoxx holding above 2820/25 keeps the outlook positive for today to re-target 2855 & quite strong resistance at 2865/70. A break above 2875 however keeps the short term outlook positive to target 2895 & resistance at 2910/13 but look for an excellent selling opportunity at 2925/29.

First support at 2825/20 but below 2815 risks a slide to support at 2790/86. If we continue lower look for the gap to fill at 2764/61 which could hold the downside. H further losses target only minor support at 2745/41.

Ftse March contract

FTSE has beaten 5832/39 over night & hit the next target of 5890/95. We topped almost exactly here at 5900 as I write but further gains target strong resistance at 5943/48. A good chance of a high for the day but shorts need stops above 5970. Just be aware that a break higher targets 6020/30.

5835/30 is now first support & is key to direction. Failure to hold above here is more negative & risks a slide to 5795/91. Below 5780 adds pressure to target minor support at 5764/60 then better support at 5728/25.

Dax March contract

Dax did manage a bounce almost as far as 9200. So this is our first challenge again today. If we continue higher look for resistance at 9260/70 & the main challenge for bulls today. Shorts need stops above 9300. A break higher however is a buy signal & sees 9270/60 act as support to target 9330/40 then quite strong resistance at 9430/40. A good chance of a high for the day if we reach this far but be aware that the big resistance of the week lies in the 9530/70 band.

Failure to beat 9260/70 keeps the pressure on & below 9200 is more negative targeting only minor support at 9130 then better support at 9050/40. Longs looks risky in this trend but if you try use stops below the gap at 8990. A break below here is more negative & targets 8920/10.