Daily Forecast - 09 January 2017
S&PMarch
Emini S&P has held 2268/69 on the dip to allow a retest of the all time high at 2278/79. Further gains are always likely in the bull trend targeting 2291/92 & 2300/02. Bl 2270 tests first support at 2266/65 which could hold the downside. However if we continue lower look for a buying opportunity at 2259/58, with stops below 2253.
Emini Dow Jones
Emini Dow Jones sold off to but bottomed exactly at the 19870/880 level by the close, after a top on Friday at 19925. Holding here allows a retest of the March contract high at 19925/933. A break higher targets the all time high at 19968. On further gains look for 20070/980. Failure to hold above 19860 tests better support at 19830/820. Watch for a low for the day but longs need stops below 19800. Further losses target only minor support at 19765/755 before last week's low at 19710/706. A break lower this week tests good support at 19630/620. Longs need stops below 19600 however to target 19560/555 & 19520.
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