Emini S&P collapsed again as predicted down to trend line support at 1825. Our longs here needed stops below 1815. We did just trade to 1813. I am
S&P December contract Daily Forecast - 16 October 2014Emini S&P collapsed again as predicted down to trend line support at 1825. Our longs here needed stops below 1815. We did just trade to 1813. I am hoping longs were held for the bounce to 1863. **THERE IS A VERY STRONG CHANCE THAT THIS SELL OFF HAS NOW ENDED.**IT IS TOO RISKY TO RUN SHORTS ANY FURTHER.** It should be worth buying in to medium term longs again today on any weakness to the 1825/15 area, with stops below 1805. Watch for a move above 1849/52 to signal a more positive outlook & target key resistance at 1862/65.
We should struggle here but the outlook is positive so any shorts need stops above 1872. Go with a break higher to target 1879 then 1883/85 & finally 1890/92. We have very important longer term Fibonacci support at 1799/95. A break below could send prices in to free fall again & target 1788/86 then 1780 & 1772/71.
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