Daily Forecast - 17 February 2016
S&P March contract
Emini S&P needs a break above 2 day highs at 1892 to target 1900 then a selling opportunity at 1905/06. Shorts need stops above 1911. An unexpected break higher targets 1915 & 1922.
Failure to beat 1892 re-targets 1880 then support at 1872/70. A break below 1865 however is a sell signal & targets a gap at 1861 then good support at 1860/58. This could hold the downside but longs need stops below 1855. Just be aware that a break lower targets 1848/47.
Emini Dow Jones March contract
Emini Dow Jones as yet unable to test strong resistance at 16240/245 which remains 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 minor support at 16025/20. A break below 16000 then targets good support at 15920/910. This is the last line of defense for bulls today. A break below 15900 is more negative & targets 15830, 15790/780 & perhaps as far as support at 15740/730.
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