E-Mini Nasdaq unexpected break higher beat 4010/12 to reach 4024 but we have backed off sharply. We are overbought now & could hit profit taking. If
E Mini Nasdaq December contract Daily Forecast - 24 October 2014E-Mini Nasdaq unexpected break higher beat 4010/12 to reach 4024 but we have backed off sharply. We are overbought now & could hit profit taking. If we hold below 3985/83 this should trigger a move towards 3959/58 & perhaps as far as key support at 3945/43. A good chance of a low for the day but longs need stops below 3939. Be ready to go with a break lower to target 3911/10 then 3905. Any further losses meet good support at 3895/94 & a bounce from here likely at this stage.
Holding above 3985 is more positive & may allow a retest of yesterday’s high at 4022/24. A break higher meets strong resistance at 4033. Try shorts with stops above 4040. A break higher again then targets 4047/48.
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