Emini S&P retested the 1825/15 area for a buying opportunity & bottomed exactly here. **THERE IS A VERY STRONG CHANCE THAT THIS SELL OFF HAS NOW
S&P December contract Daily Forecast - 17 October 2014Emini S&P retested the 1825/15 area for a buying opportunity & bottomed exactly here. **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 once again, with stops below 1805, although I do not think we will see this level again for a few weeks now. 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. A good chance of a break higher today to target 1879 then 1883/85 & finally 1890/92. A high for the day likely but any shorts need stops above 1897.
Immediate support at 1849/46 but longs may want to stop out below 1843 in the hope of meeting a buying opportunity at 1832/29. Just be aware that if we continue lower a retest of 1820/15 is expected to hold the downside again. However on a break lower 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.
FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.
