Daily Forecast - 05 April 2016
S&P June contract
Emini S&P hovering just above support at 2049/47. Longs need stops below 2043. Further losses however could target 2035 & support at 2032/31 for an excellent buying opportunity. Longs need stops below 2025. Just be aware that an unexpected break lower targets 2020 then 2012, but 2010/08 is an excellent buying opportunity again.
Holding support at 2049/47 targets minor resistance at 2055/57 but if we continue higher look for 2062 before the recovery high at 2071. A break above here this week targets late December highs for the March contract at 2074/75. If we continue higher look for 2082/83 then 2090/91.
EMini Nasdaq June contract
Emini Nasdaq bulls remain in control with any recovery likely to target 4495/96 then 4509/10. Next targets are 4528/29 then recovery highs of 4542/44. If we continue higher look for 4551/53, 4566 & 4570/73.
Minor short term trend line support at 4585/80 but below here targets 4470/69. If we continue lower look for better trend line support at 4460/55. A good chance of a bounce from here but longs need stops below 4445.
Emini Dow Jones June contract
Emini Dow Jones first resistance at 17610/620 but above here targets 17660/670 & 17690/699. If we continue higher look for a retest of the recovery high at 17753. A break above 17760/765 targets mid December highs at 17810/820. Further gains this week run in to strong resistance at November/December highs at 17905.
Holding below 17600 keeps the short term pressure on for first support at 17530/520 which should hold the downside initially & we could bounce to at least 17600/610. However A break below 17490 targets 17450/440 then strong support at 17399/390.
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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