Emini Dow Jones: Forecast
Jason Sen | Dec 11, 2014 12:01AM ET
Emini Dow Jones will need to hold above 17,770 to continue the recovery. Immediate resistance at 17,790/17,800 but above here is more positive and can target 17,860/870. We should struggle here and a high for the day is certainly possible but shorts need a stop above 17,895. Be ready to go with a break higher then to target 17,925/930 and 17,950/960. Above here of course we run into the all-time highs at 17,980.
Failure to beat 17,800 keeps the market under short-term pressure. Below 17,770 adds pressure to target 17,735/730. If we continue lower again today, look for 17,705/700 before good support at 17,670/660. There is a good chance of a bounce from here but longs need a stop below yesterday's low of 17,623. On a break lower however we should target 17590/580 then 17560/555 & possibly 17520/10 before a buying opportunity at 17480/470.
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