Emini S&P held 1867/66 & beat immediate resistance at 1880/84 but topped at 1892/93, below our selling opportunity at 1901/05. No sign yet of a
S&P December contract Daily Forecast - 15 October 2014Emini S&P held 1867/66 & beat immediate resistance at 1880/84 but topped at 1892/93, below our selling opportunity at 1901/05. No sign yet of a bottom to the 4 week bear trend. Outlook remains negative & failure to beat 1884/88 should trigger a move lower towards 1880/78 then 1866/65. A break lower today targets 1855/54. Any further losses target good support at 1840/35 which may just hold the downside temporarily at this stage. Exit shorts here & try longs down to trend line support at 1825 with stops below 1815.
In the short term we are oversold & trying a small recovery. Our first obstacle is 1886/88. Shorts need stops above 1893 as a break higher could target 1900/03 for a selling opportunity. Exit longs & try shorts with stops above 1908.
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